Banking & Finance Law
Libya now is moving from a planned economy as it was in the past to a free market economy The economy under Gadhafi’s regime was characterized by hierarchical and bureaucratic structures and controls associated with state administrative power. At this stage, the state and its agencies, such as banks, state property agencies, and investment funds, directly controlled firms and banks using bureaucratic regulations. The Bureaucratic Stage is largely influenced by the characteristics and constraints of the centrally planned system, such as state control, state ownership, favorable contacts with the state, managerial risk aversion, and rule avoidance.
However, Libya will require several steps to move from the Bureaucratic stage to a market economy. Accordingly, Libya now is reducing the strength of state bureaucratic control in favour of market economy. As a result, our clients may have a good opportunity to invest in Libya and provide financial products.
TLF has deep experience in this area includes representing banks and financial institutions in a full range of financial disputes, before courts and tribunals around the globe