Home / Business and Economy / Libya Seals $2.7B Port Deal with Qatar, Italy, Switzerland
Libya Seals $2.7B Port Deal with Qatar, Italy, Switzerland
19 Jan
Summary
- Libya partners with Qatari, Italian, and Swiss firms for port expansion.
- The project targets $2.7 billion in investments and 8,400 new jobs.
- Misrata's port expansion aims to quadruple container capacity annually.
Libya has entered into a pivotal partnership with Qatari, Italian, and Swiss firms to significantly expand and develop its Misrata Free Zone port terminal. This strategic initiative is designed to attract foreign direct investment totaling $2.7 billion.
The project is anticipated to yield substantial economic benefits, with projections of around $600 million in annual operating revenue and the creation of approximately 8,400 employment opportunities. A key objective is to boost the terminal's throughput capacity to 4 million containers per year.
This development underscores the importance of the Misrata free zone, established in 2000 and home to Libya's largest commercial port, which currently handles 60% of the nation's non-oil trade. The agreement emphasizes reliance on foreign investment, ensuring no additional burden on Libya's state budget.
