Libya to invest $140bn in new projects
Tripoli, June 2, 2013
Libya is expected to invest $140 billion in projects over the next decade as the country embarks on building a sustainable future.
Among these projects is Gecol’s capacity building programme in the power sector which will see installed capacity rise from about 13,000 MW in 2012 to 19,000-20,000 MW by 2020, said a statement.
In aviation, the new government has planned a $2.5 billion upgrade of the state’s busiest airports aimed at expanding capacity to about 28 million passengers a year from an estimated 5 million now.
The housing sector is another critical investment focus. The government estimates that the country will face a housing shortfall of 500,000 units by 2020. The Housing & Infrastructure Board (HIB) has been tasked to deliver 200,000 new homes, with supporting infrastructure in the next seven years, it said.
A major business conference, opening in Tripoli tomorrow (June 3), will provide local and international stakeholders an essential guide to the developments and projects across critical infrastructure, energy, utilities and industry sectors that will accelerate rebuilding efforts in Libya.
Libya Projects 2013, organised by Meed in association with Business Mirror (BM), will dissect the new wave of projects that will be undertaken in Libya over the next decade.
“There is currently a dearth of accurate and reliable information on the opportunities in the projects market in Libya which the conference hopes to address. Attended by leading authorities and key stakeholders, Libya Projects 2013 offers the best opportunity for companies to correctly access Libya’s projects market,” said Edmund O’ Sullivan, chairman, Meed Events, organisers of Libya Projects 2013 in cooperation with Business Mirror (BM) Libya, and supported by the General National Congress.
Under the patronage of the General National Council, Libya Projects 2013 will gather key government officials and entities as well as leading private sector companies who will provide an expert overview of the wide-ranging political and economic reforms currently being implemented in Libya and the impact of these initiatives on the projects sector.
Confirmed speakers include Juma Attiga, vice president, General National Congress; Awad Elbarasi, deputy prime minister, Libya; Ali Hussein Al- Sharif, Minister of Housing and Utilities; and Dr Khalil El-Arroudi, chairman, Gecol.
The conference, which will run till June 5 at the Corinthia Hotel, will also focus on the government’s programme to promote and attract foreign direct investments in Libya, as well as provide a critical update on existing and stalled projects. – TradeArabia News Service