Sahara Bank recorded 2009 losses of LD585m ($468m) according to the Quryna newspaper, a figure reportedly caused by a high level of non-performing loans that have built up over the past few years.

Libyan ambassador to Uganda Abdalla Bujeldain has told the press that Libya is now the second-largest investor in Uganda.

UniCredit has been granted preliminary approval by the Central Bank of Libya to open a subsidiary in the country.

The Libyan Iron and Steel Company (LISCO) will soon issue shares on the Libyan Stock Market (LSM) with the intention of raising LD5.2bn ($4.0bn), reported the Al Fajar Al Jadid newspaper.

Al Refi Bank, a local bank, is to distribute LD500,000 ($388,804) in 140 loans to families engaged in small production projects, according to the Al Shams newspaper. 

The winners of two new banking licenses, originally expected to be announced in late July, have not yet been named by the Central Bank.

The Libyan Investment Authority (LIA), the country’s sovereign wealth fund, has increased its stake in the UK-based educational publisher and owner of the Financial Times, Pearson, to 3.01%.

According to reports in the Independent newspaper, Libya intends to invest substantially in a new hedge fund based in London.

In February the Central Bank of Libya invited international banks to apply for two licenses to form subsidiaries in the country. These initial applicants were then shortlisted down to six, with the selected banks required to submit final offers by 15 June 2010.

In March Libya’s National Council for Economic Development (NCED) signed an agreement with Saudi Arabia’s Islamic Corporation for the Development of the Private Sector (ICD) to create a fund dedicated to developing new small and  medium enterprises (SMEs) in Libya.

The Central Bank of Libya is underwriting the Bahrain-based Arab Banking Corporation’s (ABC) $1.1bn issue, the bank announced earlier this month.

The Libyan Investment Authority (LIA) bought 1.4% of Rusal stock for $300m through an initial public offering in Hong Kong in late January.

The African Union (AU) says it is considering setting up a new African Investment Bank that would be headquartered in Tripoli, according to reports from Bloomberg.

The Libyan government plans to sell shares in four state companies in 2010 through initial public offerings.

Egypt’s Beltone Securities International, a subsidiary of Beltone Financial Holding, has launched its brokerage operations in Tripoli. Beltone will provide trading services on the Libyan Stock Exchange to Libyan, regional and international clients, becoming the first international brokerage to set up shop in Tripoli.