Libyan Investment Bank to be located in St. Kitts and Nevis

BASSETERRE, ST. KITTS, FEBRUARY 4TH 2010 (CUOPM) – St. Kitts and Nevis’ Prime Minister Hon. Dr. Denzil Llewellyn Douglas disclosed Wednesday that the twin-island Federation is the location for the Libyan Investment Bank.

“The proposal that was made by the Government of St. Kitts and Nevis, when I was first here in Tripoli in July last year has been finally accepted by the Libyan Government through expressions of support from the Prime Minister and will be located in St. Kitts. It is from this bank in the Eastern Caribbean from which investment funds will flow for the financing of important projects in the Eastern Caribbean and the wider Caribbean region,” said Prime Minister Douglas.

He said the Libyan Investment Bank is important to St. Kitts and Nevis as his administration continues efforts to diversify the national economy and look forward for additional financing to support a number of important of important developmental projects which are critical for the continuing advancement of the quality of life of the people of St, Kitts and Nevis,” said Prime Minister Douglas, who is accompanied by Dr. the Hon. earl Asim Martin.

Dr. Douglas said that six members of the Libyan Government are presently in St. Lucia to establish the People’s Bureau of Libya in the Eastern Caribbean.

Discussions on the location of the Libyan Investment Company continues and within the next few weeks the Governments of the OECS will decide in which Eastern Caribbean nation, it will be established.

“We have agreed in our discussions with the Libyan Prime Minister, we have agreed to establish an OECS Diplomatic Mission in Tripoli and so over the next few weeks and months, it would be my duty as the current Chairman of the OECS to pursue this important initiative so that the Eastern Caribbean countries will have a presence in Tripoli,” said Prime Minister Douglas.

During an audience with the Libyan President, His Excellency Mummar Kaddafi, Prime Minister Douglas relayed best wishes from the Government and the People of St. Kitts and Nevis and expressed pleasure that the initiatives for economic, social and political advancement and development of relations between Libya and the Eastern Caribbean were being pursued.

“President Kaddafi expressed his full support for the establishment of the investment bank in the Eastern Caribbean to be located in St. Kitts and Nevis and for the other initiatives to be pursued aggressively,” said Dr. Douglas.

He said he had accepted a personal invitation from Libya’s President to attend the 14th Summit of the African Union in Addis Ababa in Ethiopia followed by bi-lateral talks in Tripoli.

The invitation was delivered by Libya’s Cuba-based Ambassador to St. Kitts and Nevis, who attended his Swearing-In Ceremony as Prime Minister of St. Kitts and Nevis following the re-election of his St. Kitts-Nevis Labour Party on January 25th.