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Sunday, August 8, 2010

Libya set to boost Niger investments

Libya will invest $100 million in neighbouring Niger, Libya's Prime Minister said in the Niger's capital.
The investment is the latest step Libya has taken towards strengthening ties with uranium-producing Niger, whose military rulers intend to hand power to a civilian government after an election early next year.

"Libya has decided to increase the volume of its investments in Niger," Libyan Prime Minister Baghdadi Al Mahmoudi said during a visit to meet Niger's junta chief Major Salou Djibo.

"I am announcing the creation of an investment fund with $100m," he said, without specifying which industries Libya was keen to invest in.

In June, Libya said it would allow almost 300 prisoners from Niger to return home. Earlier that month, Libya signed an agreement on judicial co-operation with the military junta running the West African country.

Major investors in Niger, one of the world's poorest countries and one which struggles with food shortages, include French nuclear energy firm Areva and China National Petroleum Corporation.

Djibo became junta chief after soldiers overthrew the government of President Mamadou Tandja in February.

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