The fund will be used to develop infrastructure, tourism, agricultural and industrial projects in both countries
Libya and Egypt have agreed to set up an AED11bn ($3bn) joint investment fund that will help in the development of projects in both countries.
The fund will be shared equally between the two countries. UAE-based companies are expected to help Libya execute its existing ports and airports projects that have experienced delays and also help build new port and airport developments.
Jamal al-Lammouchi, general secretary of the directive committee at Libya’s General Board of Privatisation and Investment (GBPI) says that UAE airport operators are being approached to help manage Tripoli International airport, which is due to open in 2012 after experiencing delays (MEED 17:2:10).
Abu Dhabi Airports Company, which operates Abu Dhabi International airport and Dubai Airports Company, which manages Dubai International airport, both say that they are not involved in any talks regarding the management of Tripoli airport.
Lammouchi also says that Libya is planning to spend $100bn on infrastructure development by 2012. The US and UN lifted economic sanctions against Libya in 2004 and since then, the North African country has set itself a $240bn infrastructure development programme. It aims to spend $66bn by 2012 alone as Libya aims to position itself as a regional trade hub.