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Libya to Spend LD52 Billion on Housing, Infrastructure Projects
13/12/2006 22:44:00
Foreign companies are very welcome to set up joint ventures with Libyan companies and have a stake in the coming constructing bonanza that has already begun to take place in Libya, said Abouzaid Dorda, Secretary of Housing Projects, Infrastructure and Public Utilities.

He said Libya now had enough money to spend on a huge plan and so many projects that would transform the whole country in terms of housing and infrastructure.

He confirmed that the huge plan will cost 52 billion dinars of which 16.8 billions will go to housing, 13.6 billion will go to infrastructure and 5 billions will go to developing local regions.

Dorda added that there was already a plan to construct 500,000 housing units and that a contract of 1.5 billion dinars was signed last week to construct houses.

All public utility infrastructures in all Libyan cities will be constructed and renewed, he said.

Speaking to representatives of more than 120 foreign companies who participated in the "Libya International Infrastructure and Construction Exhibit and Conference" last week in Tripoli, Dorda said there were various reasons that led to the total crumbling of the Libyan infrastructure including low oil prices and the sanctions imposed on Libya during the 1990s.

He said Libya is embarked on training Libyan manpower and preparing it fully to take part in the development scheme that is taking place in the country as well as the in the so many projects that are under way.

He also said that Libyan authorities are currently undertaking the reorganization and restructuring of public and private companies as to be capable to enter partnerships with foreign companies and carrying out the construction projects.

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