Monday, May 7, 2012

Libya hopes for $1tr cash injection to help rebuild war-torn economy

Foreign companies have moved back to resume their projects

Dubai: Libya is banking on up to $1 trillion (Dh3.67 trillion) in foreign direct investment to rebuild its war-torn economy.

Ahmad Salem Al Koshly, Libya's Minister of Economy, told a conference here yesterday that the country was expecting a huge cash injection, and said FDI from the UAE alone prior to the war clocked in at $13 billion.

While Libya currently faced many challenges, he said foreign companies had already moved back to the country to resume outstanding projects.

"What we are looking for is long-term investment," he said.

Meanwhile, Makhdoom Ameen Fahim, Pakistan Minister of Commerce, told the media on the sidelines of the Annual Investment Meeting that the UAE was leading the Arab countries in the size of its investments in Pakistan by $14 billion, a figure which is expected to grow to $25 billion by 2015. Read More