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Monday, 26 August 2019

Libya's powerful economic presence in Africa

Under Moamer Kadhafi, Libya has invested hundreds of millions of dollars in a large number of African countries in sectors as different as hotels, telecommunications, banking, agriculture and fuel distribution

AFP, Saturday 19 Mar 2011
Libyan plant in Africa
Views: 2936
Views: 2936

This is a non-exhaustive list of its main investments via the Libya Africa Portfolio which is an umbrella for several groups, among them the Libya Arab African Investment Company (LAICO).

- Construction of the Banque commerciale et du Chari, and the Banque sahelo-saharienne.
- Construction in N'Djamena of a five-star hotel (Kempinski) and 10 villas for heads of state.
- Construction of a major school, university and sports complex.
- Purchase of SOTEL, Chadian telephone company (Societe tchadienne de telephone).

- LAICO manages one of Libreville's two big hotels. OilLibya is involved in oil exploitation.
- Since 2008 it has held a 52 percent holding in the Panafrican radio Africa N°1 which has 20 million listeners in 20 countries.

- A five-star hotel, four cashew nut processing plants, development of farmland.
- A large proportion of the arms and vehicles of the Guinea Bissau armed forces was financed by Libya.

- LAP Green, through Tamoil, controls one of the country's main petrol distributors Mobil Kenya, under the name OilLibya.

- $185 million to buy land from the Office du Niger, through the Malibya company.
- $125 million to build a government administration complex in Bamako.
- $40 millions in the hotel sector to buy two hotels.
- Two banks.

- Construction of a hotel at Agadez in the north of the country and the country's biggest mosque in Niamey.
- Shares in the formerly public telecommunications business SONITEL. Tamoil is also present in Niger where it awards scholarships.

- Acquisition in 2007 by LAP Green of 80 percent of the capital of telecoms operator Rwandatel.
- Acquisition by LAICO of the ex-Novotel in Kigali.

- LAICO owns 100 percent of the Ensemble Hotel Holdings group, proprietor of the high-prestige Michelangelo Hotel in Johannesburg. Also has a minority holding in the Legacy Hotel Holdings group which manages 19 luxury establishments.

- The Tropical Bank Limited is 99.69 percent controlled by the Libyan Foreign Bank.
- Tamoil signed an agreement in 2007 with a view to building a $300 million oil pipeline between Uganda, where reserves are put at 2.5 billion barrels, and Kenya from where the oil will be exported. The implementation of the deal has been held up by a contract dispute bwtween Tamoil and the Ugandan authorities.
- LAICO owns the Lake Victoria hotel at Entebbe.

- The Libya Foreign Bank, subsidiary of the Libyan Central Bank, owns 14 percent of the Commercial Bank of Zimbabwe (CBZ), one of the biggest private banks in the country, in which the state has a holding.

Through LAICO and OilLibya Libya also manages several hotels and service stations in Gambia, Senegal, Tanzania.

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