The Director General of the Economic and Social Development Fund, Yaseen Al-Abyad, said on Sunday that the fund is planning to establish a new bank as part of a strategic direction aimed at diversifying investment instruments, expanding its financial activity base, and strengthening the fund’s developmental role in supporting the national economy and stimulating productive projects. The remarks came during a meeting between Prime Minister Abdul Hamid Dbeibah and Al-Abyad, who reviewed the fund’s upcoming development and modernization plan. The fund was established in 2006 and operates under the Government of National Unity. It aims to invest funds allocated to beneficiaries under the Wealth Distribution Program and investment portfolios. The fund is also a founding partner in First Gulf Bank, holding 50% of the company’s capital.

Source: Libya Observer March 02, 2026 13:36 UTC