A working group of leading City solicitors, in-house lawyers and academics has been set up to assess Libya's legal framework in a bid to make the north African country more attractive to foreign investment and trade, it has emerged.

Established by the Law Society at the request of the British ambassador to Libya, Anthony Hayden, and the Libyan government, the steering committee will make recommendations in the areas of banking, commercial law and dispute resolution.


Members include Edwin Coe partner and Law Society Council member for international issues David Greene, Trowers & Hamlins partner Adrian Creed and Watson Farley & Williams finance partner Michael Kenny.


Two partners from Ashurst - head of energy Geoffrey Picton-Turbervill and head of international arbitration Ronnie King - are also on board.


At the request of the Libyan government, the committee includes representatives from the Financial Services Authority and the Bank of England - chief counsel Stuart Willey and markets and financial infrastructure adviser Simon Gray respectively. Mohamed Fezani, chairman of the British Arab Commercial Bank, is also a member.


A sister group has been set up in Libya, with the first joint meeting of the two committees expected to be held in Tripoli early next month.


Nankunda Katangaza, the Law Society's international policy officer for Africa and the Middle East, said: 'The Libyan government recognises the importance of legal reform to its economic reform agenda and has responded positively to a proposal by the UK government that both governments co-operate further on the development of legal frameworks for business.'


The project is being funded by the Foreign and Commonwealth Office's global opportunities fund.