Libyans to set up Sh10b bank

August 27, 2008

, 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.

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