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FINANCIAL NEWS
Insurers to resume business in Libya
24 Aug 2011
(MENAFN) The Arab Investment and Export Credit Guarantee Corporation’s (Dhaman) director for financial investment, Ismail Botan, said that it would start guaranteeing new deals when stability returned to Libya as other trade insurers are poised to resume offering insurance for businesses in Libya once fighting is over, reported the national.
Botan also said that Libya is a shareholder so the company already has financial ties. Moreover, the country is expected to resume its status of being a popular investment destination after the political unrest is over.
It is worth noting that financing trade deals in Libya has become trickier since civil war first started in February, and business has been further complicated by sanctions against the government and the exit of many foreign companies.
The director said that Dhaman’s existing exposure to Libya is split across both trade and investment. Insuring trade and investment deals valued at US$1.5 billion across the Arab world.
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