Latest news with #LibyaDevelopmentandReconstructionFund
Libya Herald
2 days ago
- Business
- Libya Herald
Libyan Italian Forum concludes with the signing of 98 MoUs
The Libyan Italian Forum (Benghazi, 25-26 June) concluded its second and final day yesterday with the Director General of the Libya Development and Reconstruction Fund, Belgassem Hafter, signing ''several memorandums of understanding with 98 specialized Italian companies'', including IVECO, the manufacturer of trucks and heavy vehicles. The Fund reported that these memoranda covered vital areas related to reconstruction and development priorities, most notably: • Infrastructure • Energy • Engineering Consultancy • Finishing and decorations (contracting/construction) • Sea and air transport • Training, capacity-building and other areas 223 Libyan companies participated in B2B meetings The Fund said the forum witnessed wide participation of more than 223 Libyan companies in bilateral business sessions (B2B) in which logistical, legal and financial frameworks were discussed to facilitate the entry of Italian companies into the Libyan market and enhance cooperation and investment opportunities. The Fund said the signing of these memorandums also comes in the context of the strategic plan of the Libyan Development and Reconstruction Fund, which aims to enhance technical cooperation with international companies and provide an effective partnership environment that contributes to the reconstruction of Libya with a focus on localising knowledge and transferring expertise to national cadres through specialised training programmes. The forum also comes as part of its strategy to support the private sector and microenterprises and provide technical and logistical support to activate international partnerships and stimulate the national economy. The forum was organized under the auspices of the Hafter controlled Libya Development and Reconstruction Fund and in the presence of the Fund's Director General, Belgassem Hafter, the President of the National Development Agency, the Mayor of Benghazi, along with several eastern based official figures. On the Italian side the Italian Ambassador, the President of the Italian Chamber of Commerce and the Consul General in Benghazi also participated in the event. . More than 100 business representatives arrive in Benghazi for the Libyan Italian Forum for Development and Reconstruction Italian airliner ITA lands at Benghazi's Benina airport for the first time in 14 years Libyan Italian Forum for Development and Construction to be held in eastern Libya in 2025: Belgassem Hafter
Libya Observer
14-06-2025
- Business
- Libya Observer
Belgassim Haftar reviews Maltese companies' contribution to Libya's reconstruction projects
The Director General of the Libya Development and Reconstruction Fund, Belgassim Haftar, held official talks in Valletta with Deputy Prime Minister and Minister of Foreign Affairs Ian Borg, along with several senior Maltese officials, regarding the participation of Maltese companies in reconstruction projects in Libya. According to a statement posted by the Libya Development and Reconstruction Fund on Facebook on Friday, Haftar's meeting with officials in Valletta discussed cooperation between Libya and Malta in the fields of development and reconstruction, as well as opportunities for economic partnership and the involvement of Maltese companies in projects overseen by the Fund. The Deputy Prime Minister and Foreign Minister of Malta, during the meeting, expressed his country's growing interest in the Libyan market, noting the government's readiness to facilitate the operations of Maltese companies in Libya, to send an official delegation of businesspeople to explore investment opportunities, and to strengthen direct cooperation between the two countries. For his part, Haftar welcomed Malta's position, stressing the importance of expanding international partnerships and inviting foreign companies to contribute to Libya's reconstruction efforts. Tags: Belgasem Haftar Malta Maltese companies
Libya Review
07-06-2025
- Business
- Libya Review
Libya's Parliament Speaker Praises Reconstruction Fund's Unprecedented Achievements
Libyan Speaker of the House of Representatives, Ageela Saleh, praised the accomplishments of the Libya Development and Reconstruction Fund during a meeting held to mark Eid al-Adha. The meeting was attended by the Fund's Director General, Belgassem Haftar, and the Prime Minister of the Libyan government, Osama Hammad. According to an official statement issued by the Fund, the discussion focused on reviewing completed and ongoing development projects across several Libyan cities, with attention to future initiatives planned for the months ahead. During the meeting, Ageela Saleh commended the Fund's work, describing its achievements as 'unprecedented' and emphasizing their significant impact on multiple Libyan regions. He noted that the Fund's efforts have contributed to job creation, infrastructure upgrades, and urban renewal — outcomes that are crucial for restoring stability and improving daily life in war-affected communities. The Speaker reaffirmed his full support for the Development and Reconstruction Fund, stressing the need to maintain transparency and ensure balanced implementation of projects throughout the country. He called for continued cooperation between national institutions to align reconstruction efforts with public needs and long-term growth goals. Haftar and his team reiterated their commitment to executing the Fund's projects efficiently and to the highest standards. The leadership affirmed that work would continue across housing, healthcare, transport, and public service sectors in line with the development framework endorsed by parliament.
Libya Herald
04-06-2025
- Business
- Libya Herald
Aldabaiba rejects continued spending by eastern Libya government outside the legal budget
Tripoli based Libyan Prime Minister, Abd Alhamid Aldabaiba, rejected any parallel paths of public spending outside the legal frameworks. Aldabaiba was responding to the Benghazi based House of Representatives approving on 2 June a budget of LD 69 billion over 3 years (2025 to 2027) for the Libya Development and Reconstruction Fund. The Fund is controlled by the Hafter family and is exempt from any administrative and financial oversight. Aldabaiba was speaking during a meeting at his Tripoli Cabinet Office last Monday (2 June) with several members of the High State Council, ''to discuss ongoing political and economic developments, and follow up on the government's project to extend stability, unify institutions, and protect the national economy from parallel financial tampering''. During the meeting, Aldabaiba stressed the government's categorical rejection of any parallel paths of public spending outside the legal frameworks, warning that these practices impose huge financial burdens on the state that are spent in unreal doors, and then re-compensated through public debt, which practically means a deduction from the citizen's pocket and an actual reduction in the value of his income. The Prime Minister stressed that the Libyan citizen will not benefit from projects implemented at double prices outside the unified financial system, saying: 'What is the use of projects if they are implemented at double prices and deducted from the citizen's pocket through the public debt?!' In this context, Aldabaiba called on the Speaker of the House of Representatives, Ageela Saleh, to disclose the fate of more than 100 billion dinars spent outside the Public Budget during the past two years, stressing that this demand does not come only as a matter of transparency, but as a direct result of the deterioration caused by this spending in the value of the Libyan dinar, and serious repercussions on the citizen's income and market confidence. The Prime Minister also pointed out that a number of economic experts warned that the adoption of a parallel budget, despite its legal violation, would lead directly to a rise in the exchange rate of the dollar in the parallel market, as a result of the imbalance of financial confidence and increased pressure on reserves, which negatively affects the stability of the currency and the standard of living of citizens. Aldabaiba concluded the meeting by stressing that the national and legal responsibility falls on all institutions to stop this financial haemorrhage, defend the unity of public finances, and maintain the stability of the economy and the Libyan dinar.
Libya Observer
02-06-2025
- Business
- Libya Observer
HoR discusses adopting 69-billion-dinar budget for Belgassim Haftar's reconstruction fund
Libya's House of Representatives (HoR) has started discussing a proposed budget of 69 billion dinars over three years—23 billion annually—for the 'Libya Development and Reconstruction Fund,' which is headed by Belgassim Haftar, the son of Khalifa Haftar. The HoR session, held on Monday, was marked by verbal clashes between MPs Ezzedine Qweirib and Issa Al-Araibi. Qweirib called for a review of expenditures and better coordination with construction companies, while Al-Araibi denounced the criticism as obstructive 'grandstanding' in the face of what he described as the unstoppable 'reconstruction train.' MP Ali Bouzreiba also criticized the budget proposal, calling it vague and lacking in clarity. Following the heated exchanges, the live broadcast of the session was cut off. Later, the spokesperson for the House, Abdullah Bliheq, announced that the parliament had agreed in principle to draft the budget for the Reconstruction Fund, but requested clarifications and noted the importance of incorporating MPs' observations. Bliheq added that a parliamentary committee—with one representative from each electoral district—would be formed to meet with the fund's administration to ensure transparency in how the budget would be distributed across Libya's regions. He also noted the formation of a technical committee to study the Libya-Turkey agreement submitted by the parallel government in eastern Libya. Tags: House of Representatives Libya Development and Reconstruction Fund
