Libya reconstruction fund needs $50 billion: officials

Libya reconstruction fund needs $50 billion: officials
1 min read
22 April, 2021
A three-year reconstruction plan will target key cities in Libya including Benghazi and Tripoli.
Libya hopes to attract foreign investment [Getty]
Libyan government fund to finance the reconstruction of areas devastated during the country's civil war needs as much as $50 billion over the next three years, officials said this week.

Libya's unity government established earlier this year plans to establish a reconstruction fund soon, sources familiar with the matter told The New Arab's Arabic-language sister site.

The fund will require between $30 and $50 billion to finance an initial three-year plan.

The proposal targets cities worst hit by the conflict including Derna, Sirte and Benghazi.

The plan also proposes the reconstruction of the southern reaches of Tripoli, which suffered damage during rogue commander Khalifa Haftar's attempts to seize the capital.

The fund will be financed by parts of the national budget, contributions from oil companies, and international assistance, according to the proposal.

Foreign powers that backed different sides in the civil war - Turkey on the side of the Tripoli government and Russia and France on the side of rebel leader Khalifa Haftar - are expected to put themselves forward for reconstruction contracts.

Libya's warring parties agreed to sign a truce in October last year, more than a year after Haftar launched his assault on the internationally-supported government and nine years after the death of former dictator Muammar Gaddafi.

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