Libya announced Sunday it has issued a law allowing the opening of branches and offices for foreign banks for the first time in the country.
According to the new law endorsed by the People's Assembly -- Libya's parliament -- foreign banks may open branches or offices in Libya with minimum capital of $50 million each.
The new law also allows Libyans to establish financial firms for the first time with a minimum paid capital of $10 million.
Economic sources said the law is designed to "consolidate Libya's cooperation with the rest of the world and to encourage foreign investments."
The North African country reportedly wants to double its per capita income within 20 years.
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