Belgrade-based Projekt Ivan Milutinovic (PIM) has been given the go-ahead by the Ministry of Ports & Maritime Transport to restart reconstruction work on Tripoli's port. The two parties first signed the estimated $120 million contract in 1994, but work was delayed for political reasons. Tripoli's recent rapprochement with the West, and the subsequent easing of the US embargo, has enabled the project to resume.
The project calls for an overhaul of the port's storage facilities, infrastructure and buildings over a period of three years. Belgrade recently granted PIM $2 million in credit, so that the company could obtain corresponding guarantees from Tripoli. PIM has carried out a number of port infrastructure projects in Libya over the past 20 years, including the $600 million modernisation and upgrade of Misurata and Benghazi harbours. Libya's ports have suffered from underinvestment over the last decade, and Tripoli is keen to upgrade them to take advantage of an increase in commercial activity now that the trade embargo has eased. The UK's Mott MacDonald is carrying out a masterplan on the expansion of the port at Sirte. The project calls for the creation of an international port to serve the Sirte region and stimulate trade and commercial activity in the area (MEED 18:6:04).
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