In recent years the lack of a suitable legal and financial framework in Libya has deterred foreign investors. The Libyan government has now demonstrated its commitment to reform and to attracting foreign investment to increase oil production capacity and to diversify the economy. Initiatives such as Law No 5 have encouraged investment in the agricultural, services, healthcare, and industrial sectors and Law No 7 in the tourism sector. Written by a leading Libyan law firm, Mukhtar, Kelbash & Elgharabli, and the Paris office of the international law firm Eversheds LLP, this important report provides an authoritative update on the commercial law, and on banking and accounting practices in Libya.