Central Bank of Libya Publication No. 12 of 2010 on Amending Credit Facility Conditions for Foreign Companies

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No democracy without popular conferences

P.O. Box 1103, Tripoli – The Great Socialist People’s Libyan Arab Jamahiriya Telegram Address: MasrafLibya – Tripoli

Reference: B.C.L. 790/
Publication B.C.L. No. (12/2010 A.D.)
Date: 7 Ramadan
Corresponding to: 17 Hannibal 1378 H.R. (2010 A.D.)

To: The General Managers of Commercial Banks To: The General Manager of the Libyan Foreign Bank

Greetings,

Based on the provisions of Law No. (1) of 1373 H.R. (2005 A.D.) on Banks, and referring to Publication No. (11) of 1372 H.R. (2004 A.D.) on extending the Central Bank of Libya Popular Committee Decision No. (28) of 1372 H.R. (2004 A.D.) on granting credit facilities to foreign companies, and the subsequent Publication No. (11/2006) dated 4 July 2006 A.D. on granting credit facilities to foreign companies, which extended the Central Bank of Libya Board Decision No. (23) of 1374 H.R. (2006 A.D.) amending Article 3 of the aforementioned Popular Committee Decision No. (28) of 1372 H.R. (2004 A.D.).

And to Publication No. (14/2008) issued on 15 July 2008 A.D., which extended the Central Bank of Libya Board Decision No. (48) of 1376 H.R. (2008 A.D.) on the conditions for granting credit facilities to foreign companies.

And referring to Publications Nos. (3/2010) and (4/2010) dated 25 January 2010 A.D., on extending the decisions of the Governor of the Central Bank of Libya No. (2) and No. (3) of 1378 H.R. (2010 A.D.) on credit concentration limits and governing guidelines, and Decision No. (3) of 1378 H.R. (2010 A.D.) on determining the financial structures of banks and their credit profiles.

We inform you that the Board of Directors of the Central Bank of Libya has issued Decision No. (24) of 1378 H.R. (2010 A.D.), amending Decision No. (48) of 1376 H.R. (2008 A.D.) on the conditions for granting credit facilities to foreign companies.

[Logo: Central Bank of Libya]
No democracy without popular conferences

P.O. Box 1103, Tripoli – The Great Socialist People’s Libyan Arab Jamahiriya Telegram Address: MasrafLibya – Tripoli

((2))

And as we attach to you a copy of the aforementioned Central Bank of Libya Board Decision No. (24), we request that you implement it and take the necessary measures accordingly.

Peace, mercy, and blessings of God be upon you.

Dr. Mohamed Abduljalil Abusnina
Director of the Banking and Currency Supervision Department

Copies to: The Governor / The Deputy Governor / The Director of the Office of the General Popular Committee Affairs for the Financial Audit Agency / The Director of Audit at the Central Bank of Libya / The Branch Managers of the Central Bank of Libya (Benghazi, Sabha, Sirte) / The General Managers of Specialized Banks (Development, Agricultural, Savings and Real Estate Investment) / The Secretary of the Board of Directors of the Central Bank of Libya / The Analysis and Supervisory Review Department / The Banking Follow-up and Compliance Monitoring Department / Copy to B.C.L.

[Logo: Central Bank of Libya]
No democracy without popular conferences

P.O. Box 1103, Tripoli – The Great Socialist People’s Libyan Arab Jamahiriya Telegram Address: MasrafLibya – Tripoli

Board of Directors

Decision of the Board of Directors of the Central Bank of Libya, No. (24) of 1378 H.R. (2010 A.D.), amending Decision No. (48) of 1376 H.R. (2008 A.D.) on the conditions for granting credit facilities to foreign companies

Board of Directors of the Central Bank of Libya Having reviewed Law No. (1) of 1373 H.R. (2005 A.D.) on Banks; And the Board Decision No. (45) of 1376 H.R. (2008 A.D.) on determining the financial structures of banks and their credit profiles; And the Board Decision No. (46) of 1376 H.R. (2008 A.D.) on credit concentration limits and governing guidelines; And the Central Bank publications regulating the conditions and guidelines for granting credit facilities to foreign companies; And the Board Decision No. (48) of 1376 H.R. (2008 A.D.) on the conditions for granting credit facilities to foreign companies; And the memorandum submitted by the Banking and Currency Supervision Department regarding the amendment of Board Decision No. (48) of 1376 H.R. (2008 A.D.) on the conditions for granting credit facilities to foreign companies; And as concluded by the Board in its third meeting of 1378 H.R. (2010 A.D.), held on 15 July 2010 H.R. (2010 A.D.).

DECIDED:

Article 1
Article 3 of the Board Decision No. (48) of 1376 H.R. (2008 A.D.) on the conditions for granting credit facilities to foreign companies is amended, and its text shall read as follows:

[Stamp: Central Bank of Libya – Decisions – Board of Directors]

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No democracy without popular conferences

P.O. Box 1103, Tripoli – The Great Socialist People’s Libyan Arab Jamahiriya Telegram Address: MasrafLibya – Tripoli

Board of Directors

-2-

"The two conditions stipulated in the preceding articles shall apply to guarantees provided by banks to foreign companies, for purposes of advance payment insurance, initial insurance, or performance guarantee."

Article 2
Articles 4 and 5 of the Board Decision No. (48) of 1376 H.R. (2008 A.D.) on the conditions for granting credit facilities to foreign companies are repealed.

Article 3
This decision shall be implemented from the date of its issuance, and the Banking and Currency Supervision Department is tasked with taking the necessary measures for its implementation.

[Signature]
Farhat Omar Bin Qadara
Governor and Chairman of the Board

[Stamp: Central Bank of Libya – Decisions – Board of Directors]

Issued on: 15 Nasser 1378 H.R. (2010 A.D.).