Burkina Faso's government has announced the nationalization of the Libyan-Arab Bank for Commerce and Development, co-owned with the Libyan state.
The decision -aimed at ensuring better governance- follows a report from Burkina Faso's Council of Ministers.
The government cited insufficient support from Libya as the cause of the bank's financial challenges, noting that Libya only provided its share of the capital.
The bank, established 40 years ago under a partnership agreement dated February 6, 1984, originally operated as the Libyan-Arab Bank for Commerce and Development (BALIB) before becoming the Burkina Commercial Bank. The institution has been equally capitalized and managed by both Libya and Burkina Faso.
Economy