Libya rush should start urgently, minister says
Turkish construction companies should rush back to Libya, their one-time top market, as the government is ready to support them, according to Economy Minister Zafer Çağlayan. “Our businessmen demand a special customs permit to take their machinery and equipment to Libya,” the minister said during a press meeting yesterday in Tripoli with his Libyan counterpart. […]
French Companies with Projects Worth $27B in Libya
Mohamed Syala, the director general of Libya's Cooperation Department of the People's Committee for Foreign Liaison and International Cooperation, has been quoted saying that the volume of trade between Libya and France in 2010 amounted to $4 billion. The Libyan exports mainly include crude oil and petroleum products and petrochemicals. The Libyan imports from France […]
Japan reopens embassy in Libya
The Japanese embassy in Libya has reopened after being closed for about eight months due to the fighting in the country, the Foreign Ministry said Monday. Ambassador to Libya Wataru Nishigahiro and his secretary are now back in Tripoli, but their work is limited to negotiations with Libya's new governing body, the National Transitional Council, […]
Libya's NTC names interim prime minister
Libya’s Transitional National Council (NTC) has chosen Abdurrahim El Keib as the country’s new interim prime minister to replace Mahmoud Jibril. El Keib, an electrical engineer and professor at the university of Tripoli, garnered 26 votes out of the total of 51 votes, and said that he expected to choose his cabinet ministers within two weeks. Mustafa Abdul Jalil, the […]
Libya’s Central Bank Plans Law to Allow Islamic Bond Sales: Arab Credit
Libya’s central bank is preparing a law to allow lenders and issuers to sell Islamic bonds as part of its efforts to develop banking services after the fall of Muammar Qaddafi. The regulator has formed a committee with the country’s banks to prepare the law, Ezzedin Ashur, deputy director of research and statistics at the […]
West sees business opportunities in Libya
The guns in Libya have barely quieted, and NATO's military assistance to the rebellion that toppled Moammar Gadhafi will not end officially until Monday. But a new invasion force is already plotting its own landing on the shores of Tripoli. Western security, construction and infrastructure companies that see profit-making opportunities receding in Iraq and Afghanistan […]
Huge Obstacles Impeding Libya's Stability
A new study has pointed to lack of political stability and security as Libya's main hurdles on the road to post-conflict reconstruction and economic recovery. Though officially declared as "liberated", Libya is considered an "extreme risk" country. Prior to the uprisings, Libya's hydrocarbon industry accounted for over 95% of export earnings and between 85% and 90% […]
Under Libya: Riches More Precious Than Oil
Libya’s new government may look beyond oil, to water, as it builds a longer-term economic future for the nation’s young population. An enormous geological store of water, the Nubian Aquifer, sits below Libya, Egypt, Chad and Sudan. It may hold as much as 500 years of the Nile’s flow, most of which accumulated during the Pleistocene epoch, as […]