- Agricultural Bank of Libya
Libyan Agricultural Bank Type State-owned Industry Banking Founded 1957 Headquarters 52, Omar El Mokhtar Street, Tripoli, Libya Products Agriculture
Total assets USD $340 million (as of 1995) Employees 550 (as of 1995) Website http://www.agribank-ly.org/
The Libyan Agricultural Bank (Arabic: المصرف الزراعي) is an agricultural development bank operating under special law and owned by the Libyan government. Established in 1957, it provides advice and guidance on agricultural problems, advances loans to agricultural cooperatives, and generally assists in developing Libya’s agricultural community. The Bank operates one city branch from its headquarters in Tripoli and another 27 branches throughout Libya. The Bank is also a member of the Near East-North Africa Regional Agricultural Credit Association (NENARACA) based in Amman, Jordan.
Activities and products
The bank provides in-kind and in-cash short-term, medium and long-term agricultural credit to individual farmers, agricultural cooperative societies and agricultural companies. Additionally, it mobilizes individual and group savings in rural areas. It cashes checks issued by customers and provides guarantees to depositors or borrowers. The bank also subsidizes prices for various agricultural inputs and purchases crops at prices exceeding the prevailing market prices, reselling them to customers at reduced prices. 100% of the Bank’s loan portfolio is allocated to the agricultural sector.
- ^ See NENARACA Website, Members section
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