Special Report: Libya - Reforming the economy

On 1 September, Libya will mark the 40th anniversary of Muammar Gaddafi’s revolution with a series of public celebrations. They will be held in the shadow of government buildings and apartment blocks newly painted in the revolutionary colours of white and green.

But these aesthetic repairs to Libya’s crumbling infrastructure will not hide the fact that Tripoli has fallen short of its goal of completing an ambitious programme of major construction projects.

Conceived in 2007, the programme involves the rebuilding and expansion of Libya’s power and desalination plants, airports, roads and housing stock. Unsurprisingly, given the opaque and often time-consuming nature of bureaucracy in Libya, the two-year timeframe has proved to be too short.

Recognising the goal may have been too ambitious, Tripoli is now reviewing its projects list to assess which were the product of over-ambitious anniversary planning.

While the country takes stock of its spending plans, the construction, engineering and financial services companies who can help Libya in its bid to modernise are being invited by the government to invest.

But until Tripoli makes Libya a more transparent place in which to do business, this investment will only be made by the boldest of foreign companies.