The Housing and Development Bank (HDB) has announced that it will establish a real estate and tourism development company with capital of 10 million Libyan Dinars, in collaboration with Libya's Bank of Commerce and Development (BCD). HDB plans to acquire 49% of the new company's capital shares as the Libyan lender will acquire 51% stake in the company which will be established in accordance with Libyan laws. The bank elaborated in a statement today that the new company, by virtue of the agreement, will conduct feasibility studies required for real estate and tourism projects, assign engineering offices to prepare engineering drawings, assign contractors and follow up execution process with them as well as evaluate technical, engineering studies and legal consultations. The protocol has a one-year term that starts from the date of signing the agreement and it can be renewed for another terms as long as the two parties agree. HDB and BCD signed a cooperation agreement to provide all kinds of banking services to Egyptians expatriates in Libya and their relatives in Egypt. This agreement is part of efforts to foster cooperation between Egypt and Libya in housing and real estate projects.
