Operations
LFB provides services and operations to facilitate international trade, money flows for investment and payment, and loans to government and official institutions as well as to the private sectors. Its international services comprise insurance and confirmation of letters of credit, creation of acceptance credits, and supply of foreign exchange. In its 2007 ranking of Africa's Top 100 Banks, the magazine African Business placed LAFB at number ten for Africa as a whole and fourth in the North Africa region. They went on to say that the ranking of the Libyan Foreign Bank may actually be understated, given that the most up-to-date figures available for the bank were two years older than those of many of its North African rivals. [4] It offers corporate banking services like offering short, medium, syndicate and long-term loans. [1]
Alubaf International Bank is a subsidiary. Its Tunisia branch was named in three rounds of U.S. sanctions. [5]
Libya, officially the State of Libya, is a country in the Maghreb region of North Africa. It borders the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad to the south, Niger to the southwest, Algeria to the west, and Tunisia to the northwest, as well as maritime borders with Greece, Italy and Malta to the north. Libya comprises three historical regions: Tripolitania, Fezzan, and Cyrenaica. With an area of almost 1.8 million km2 (700,000 sq mi), it is the fourth-largest country in Africa and the Arab world, and the 16th-largest in the world. Libya claims 32,000 square kilometres of southeastern Algeria, south of the Libyan town of Ghat. The country's official religion is Islam, with 96.6% of the Libyan population being Sunni Muslims. The official language of Libya is Arabic, with vernacular Libyan Arabic being spoken most widely. The majority of Libya's population is Arab. The largest city and capital, Tripoli, is located in northwestern Libya and contains over a million of Libya's seven million people.
The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.
Tripoli, historically known as Tripoli-of-the-West, is the capital and largest city of Libya, with a population of about 1.317 million people in 2021. It is located in the northwest of Libya on the edge of the desert, on a point of rocky land projecting into the Mediterranean Sea and forming a bay. It includes the port of Tripoli and the country's largest commercial and manufacturing center. It is also the site of the University of Tripoli.
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Moussa Muhammad El-Haj Nemr Koussa is a Libyan political figure and diplomat, who held several high-profile positions in the Libyan government, lastly as Minister of Foreign Affairs from March 2009, into the Libyan Civil War, when he resigned his position on 30 March 2011.
Resolution 1973 was adopted by the United Nations Security Council on 17 March 2011 in response to the First Libyan Civil War. The resolution formed the legal basis for military intervention in the Libyan Civil War, demanding "an immediate ceasefire" and authorizing the international community to establish a no-fly zone and to use all means necessary short of foreign occupation to protect civilians.
Banking in Tunisia is a service industry comprising 23 domestic banks of which, are three state owned banks.
Banco di Roma was an Italian bank based in Rome, established on 9 March 1880. In the early 20th century, it was one of Italy's four dominant universal banks, together with Banca Commerciale Italiana, Credito Italiano, and Società Bancaria Italiana. It developed a significant network throughout the Eastern Mediterranean and Italian Africa. In 1992 it eventually merged with the Banco di Santo Spirito and altered its name to Banca di Roma, later part of UniCredit.
AbdulMagid AbdulSalam Breish is a prominent Libyan international investment banker.
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