Libya to Invest in Developmental Projects

Libya has adopted a 2010-2013 development plan for industrialization estimated at US$2.698 billion, according to the Libyan People's General Committee for Industry, Economy, and Trade.

Under the plan, to be funded by Trade Bank International, the Libyan private sector and foreign financial institutions in the country, 2,191 projects that will create 25,167 jobs for Libyans will be executed.

Drawn up by the industrial and economic research centers in collaboration with commissions of various industry experts and other investment institutions, the plan aims at making a change to speed up the economic development of the country.

The plan has made provisions for the establishment of 56 chemical factories out of 331 factories focusing on food-processing, textile, weaving mills, clothing, and shoes as well as factories manufacturing building materials, 176 timber-producing factories, and 484 other factories.

The industrialization plan indicates that the projects would be located in 11 areas of the region from eastern Syrte (central part of Libya) down to Tobrouk in the east because of the abundance of raw materials in those regions. - Al Shams