The new bank, Sahel-Sahara Investment & Trade Bank, will be set up within months.
The move comes two months after Kenyan Vice-President Kalonzo Musyoka met Libyan leader Muammar Gaddafi at the Community of Sahel-Saharan Summit in Benin.
The state-owned Libya Africa Portfolio Fund for Investment is planning to invest in major oil and gas projects in East Africa. It recently bought Mobil Kenya, one of the country’s oil marketing firms. Tripoli also plans to invest in Kenya’s refining business.
In 2006, Libya’s Tamoil, through its affiliate Tamoil East Africa, won the contract to build, own and operate an oil pipeline between Kenya and Uganda.
You might also like...
Contractors win Oman Etihad Rail packages
23 April 2024
Saudi market returns to growth
23 April 2024
Middle East contract awards: March 2024
23 April 2024
Swiss developer appoints Helvetia residences contractor
23 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.