Qaddafi-era Contracts Grossly Overpriced

In its report for 2014, the Libyan Audit Bureau (LAB) has highlighted three major airport contracts as examples of overpriced projects undertaken during the Qaddafi era.

An assessment by consultants Mott & Arup carried out for the Ministry of Finance discovered:

  • Benghazi airport: contract overvalued by 128 percent;
  • Tripoli airport (pictured): contract overvalued by 57 percent; and,
  • Sebha airport: contract overvalued by 27 percent.

The Audit Bureau recommended that more projects such as the 400,000 housing units projects, which it estimated at LD 80 bn, are financed by alternative non-state finance in order to save the state’s finances.

The full report (in Arabic) can be downloaded here.

(Source: Libya Herald)

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