Why Libya

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With the largest energy reserves in Africa, Libya has the potential for a bright and prosperous future. The International Monetary Fund (IMF) estimates that economic growth in 2012 exceeded 100 percent, reflecting a strong recovery from its collapse during the revolution.

Latest indicators point to a restoration of oil and gas output later this year, and a full recovery in the non-hydrocarbon sector in 2014. With a considerable pickup in reconstruction expenditure and private demand, non-hydrocarbon growth is expected to average 15 percent from 2013 to 2018.

$140 billion is forecasted to be spent on development projects over the next ten years, including a plan to increase electricity generation from  about 13,000 MW in 2012 to 19,000-20,000 MW by 2020; a massive upgrade of the state’s busiest airports, bringing them from 5 million passengers a year to 28 million, and; the provision of 200,000 new homes.

With much of the economy driven by oil and gas, international companies such as Eni, Wintershall and OMV already maintain a strong presence, while AECOM, Hyundai and Strabag are just three of the many that have returned to resume operations.

Encouraged by recent discoveries, a new licensing round for energy exploration is planned for early 2014.

With all the elements falling into place, we can expect Libya to boom in the years ahead.