DUBAI – Libya’s massive rebuilding efforts, driven by large-scale investments on new projects, will help sustain the country’s double-digit growth in 2013, Deputy Prime Minister Dr Awad Ibrahim Elbarasi said at the launch of Libya Projects 2013.
He cited figures from the International Monetary Fund (IMF) which forecast Libya’s economic growth of 16.5 percent in 2013. He noted the upcoming plans for Libya to host African Cup of Nations (CAF) in 2017 has resulted in a massive budget of LYD400 million purely for construction of infrastructure for the CAF in 2013 alone.
With the recent successful completion of Libya’s second anniversary revolution, confidence in the country has increased and preparations for several critical projects are underway.
Elbarasi said top industries in Libya with major projects to be awarded this year until 2015 are infrastructure, oil and gas, petrochemicals, utilities and industry with government entities as key clients, the largest being GECOL, HIB and NOC.
“Our ageing infrastructure needs a radical overhaul. We devised a projects program that will develop and modernize critical infrastructure, energy, utilities and industry sectors to boost the economy. Stability and economic diversification are high on the agenda of the government and we are laying the groundwork for this initiative to move forward starting with the election of the new members of the General National Congress,” said Elbarasi.
With petrodollars reserve, Libya has the means to fund the program, making it a huge possibility in the foreseeable future. These developments will be comprehensively discussed at the inaugural Libya Projects 2013 conference, scheduled on June 3-5, 2013 at the Corinthia Hotel in Tripoli, Libya.
“As Libya transforms and renews itself, the need for up-to-date and accurate market intelligence and high-end networking opportunities with key government institutions and relevant project owners has never been greater, making the conference a must-attend event for key stakeholders eager to make inroads into the country’s projects development program,” said Edmund O’ Sullivan, Chairman, MEED Events, organizers of Libya Projects 2013 in cooperation with Business Mirror (BM) Libya, and supported the General National Congress.
Delegates attending Libya Projects can expect to learn about the on-ground practical realities of doing business in Libya; as well as interact and create key relationships with more than 300 individuals and institutions involved in the country’s rebuilding efforts.
In addition to Elbarasi, who will discuss Libya’s economic outlook and growth strategies, Libya Projects 2013 will also feature a keynote address by Dr. Juma Attiga, Vice President, General National Congress, who will share insights on Libya’s long-term vision as captured in its 2030 framework, as well as its roadmap for the utilities, infrastructure and power sectors.
Equally important, the conference will share important updates on tactical measures being adopted by the government to ease the security concerns of international companies intending to do business in Libya. A dedicated session on funding, procurement and project management will help participants develop a tailored funding and project management approach for Libya’s projects market.
With interest on Libya’s projects market at a high during this intense rebuilding phase, interested participants may register early to book a place in Libya Projects 2013, which is also being supported by Ernst & Young, Shapoorji Pallonji, Drake and Scull, Hill International, Keller, Saint Gobain Glass, Libya Holdings, Dar Al Handash, Jeddah Cables Company, Parsons. — SG
