20 Sep 2021
Egypt has signed 14 MOUs (memoranda of understanding) and 6 executive agreements with Libya focused on reconstruction efforts, as Libya begins to recover from years of local armed conflict between various factions. Furthermore, a number of agreements were also signed between the Libyan government and Egyptian private sector companies. The signing ceremony was witnessed by the Egyptian Prime Minister and the Libyan Interim Prime Minister.
The agreements cover a wide range of fields, including industrial development, agriculture, oil & gas, construction, housing, roads and highways, power generation, civil service administration, social solidarity, civil aviation security, counter-marine pollution, marine search-and-rescue, and youth and sports. There is also a plan to establish a free trade zone between the two countries. The agreements will be financed by Libya’s Central Bank.
The Libyan Minister of Economic Affairs estimated that Libya’s reconstruction will cost around USD111bn, out of which Egypt should receive 60-70% of the work. The Minister reported that there are now 51 joint cooperation agreements between the two countries valued at USD19bn. It is estimated that Libya’s reconstruction work will require around 1mn Egyptian workers to perform the work in Libya.
(Source: Reuters (English), al-Ahram (English), Egypt Independent (English), Libya Observer (English), al-Maal, Amwal al-Ghad, Mubasher, Economy Plus Me, al-Masry al-Youm, al-Shurouk, al-Dustour, Libya al-Mostakbal, al-Sharq Business, al-Arabiya)