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"The decision of Burkina Faso to nationalize a joint bank with Libya is an illegal measure," the director of LFB says.

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Tripoli, May 27, 2024 (Lana): The Director of the Libyan Foreign Bank (LFB), Khaled Algonsel, said that Burkina Faso’s decision to nationalize a joint bank with Libya under the pretext of canceling the political agreement upon which the bank was established is an illegal measure.

Algonsel stated in a meeting held with the Prime Minister, Abdul-Hamid Al-Dabaiba, to follow up on the situation of Libyan investments in the African continent that there are efforts by the LFB and the Ministry of Foreign Affairs to reach a legal resolution with Burkina Faso.

He noted that Burkina Faso's decision is illegal, and the bank is coordinating with the West African Committee via the Ministry of Foreign Affairs and a specialized international office to address this issue.

Algonsel explained that the bank was established in 1984 through a partnership between the LFB and Burkina Faso, with a capital of $18 million shared equally between the two parties.