Connect with us

Hi, what are you looking for?


Libyans to set up Sh10b bank

NAIROBI, August 27 – The Libyan Government is set to invest Sh10.1 billion in Kenya to set up a bank.

Chairman and General Manager of the Sahel-Sahara Investment and Trade Bank Alhadi Alwafalli Wednesday said he was in Kenya to begin the formalities to set up the bank.

Alwafalli made the announcement when he paid a courtesy call to the Vice President, Kalonzo Musyoka in Nairobi where he expressed confidence that the bank would be operational within the next few months.

“I have met the Prime Minister, Foreign Affairs Minister and the Central Bank Governor and after these talks with the Vice President we are going to meet the Finance Minister.”

The Vice President said the setting up of the bank would help enhance Nairobi’s image as a financial hub in the region.

Musyoka noted that the operations of the bank would not only create jobs for Kenyans but also improve their living standards.

He assured the chairman that all government departments concerned would help facilitate the opening of the bank.

This development comes two months after Musyoka met Libyan President Muamar Gaddafi at the CEN-SAD Summit in Benin and proposed that the Sahel-Sahara Investment and Trade Bank’s regional offices be established in Nairobi.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...