Reconstruction of Libya will cost billion

Tripoli, Sep 14 (Prensa Latina) The reconstruction of Libya will cost 500 billion dinars (about 111 billion dollars) in the next 10 years, an official source estimated.

September 14, 2021
08:18

The Minister of State for Economic Affairs of the country, Salama Al Ghoweil, explained in an interview with the Arabic version of the Bloomberg news agency that the main sources of financing for this process will be the State and international partners.

The Minister of Economy and Trade Mohamed Hwej revealed a week ago that the losses caused by the civil war that lasted from 2011 to 2020 amount to a trillion dollars.

Of that figure, damage to the oil sector totaled $155 billion and social, infrastructure and reconstruction costs another $576 billion.

Hwej specified that the national Gross Domestic Product fell from $90 billion annually to $40 billion, while the value of the Libyan dinar against the US currency fell from 1.40 to 4.48.

Libya currently produces about 1.3 million barrels of oil a day, an amount that could grow to three million if the security situation stabilizes, he said.

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