St. Kitts/Nevis Prime Minister Dr. Denzil Llewellyn Douglas disclosed Wednesday that the twin-island Federation is the location for the Libyan Investment Bank.

"The proposal that was made by the government of St. Kitts/Nevis, when I was first here in Tripoli in July last year has been finally accepted by the Libyan government through expressions of support from the prime minister and will be located in St. Kitts.

"It is from this bank in the Eastern Caribbean from which investment funds will flow for the financing of important projects in the Eastern Caribbean and the wider Caribbean region," Prime Minister Douglas said.

He said the Libyan Investment Bank is important to St. Kitts/Nevis as his administration continues efforts to diversify the national economy and look forward for additional financing to support a number of important of important developmental projects which are critical for the continuing advancement of the quality of life of the people of St. Kitts/and Nevis.

Dr. Douglas said six members of the Libyan government are presently in St. Lucia to establish the People’s Bureau of Libya in the Eastern Caribbean.

Discussions on the location of the Libyan Investment Company continues, and within the next few weeks, the governments of the OECS will decide in which Eastern Caribbean nation, it will be established.

"We have agreed in our discussions with the Libyan prime minister to establish an OECS diplomatic mission in Tripoli and so, over the next few weeks and months, it would be my duty as the current chairman of the OECS to pursue this important initiative so that the Eastern Caribbean countries will have a presence in Tripoli," Prime Minister Douglas said.

During an audience with the Libyan President Mummar Kaddafi, Prime Minister Douglas relayed best wishes from the government and the people of St. Kitts/Nevis and expressed pleasure that the initiatives for economic, social and political advancement and development of relations between Libya and the Eastern Caribbean were being pursued.

"President Kaddafi expressed his full support for the establishment of the investment bank in the Eastern Caribbean to be located in St. Kitts/Nevis and for the other initiatives to be pursued aggressively," Dr. Douglas said.

He said he had accepted a personal invitation from Libya’s president to attend the 14th Summit of the African Union in Addis Ababa in Ethiopia followed by bi-lateral talks in Tripoli.

The invitation was delivered by Libya’s Cuba-based ambassador to St. Kitts/Nevis, who attended his swearing-in ceremony as prime minister of St. Kitts/Nevis, following the re-election of his St. Kitts/Nevis Labour Party on 25 Jan.