Libya Insecurity Delays Egyptian HDB’s Expansions

Egyptian lender Housing and Development Bank (HDB) will not go on with its expansions in Libya in the meantime amid unstable security situation there, said Chairman Fathy El Sebai on Wednesday.

The bank has not taken yet any further steps  as regards to its expansion plans in Libya, he noted.

Speaking to Amwal Al Ghad, El Sebai asserted that HDB is not considering to divest its investments from Libya. Yet, the turbulent situation in Libya has driven HDB to postpone its expansions  there.

HDB was planning to carry out two projects, a housing (on a space of 400 hectares) and tourist ones, in Libya in cooperation with Libyan Bank of Commerce & Development.