Latest news with #ReconstructionandDevelopmentFund
Libya Review
2 days ago
- Business
- Libya Review
Italian Companies Eye Benghazi Growth Opportunities
Belgassem Khalifa Haftar, Director General of Libya's Reconstruction and Development Fund, announced that major development projects in Benghazi are set to launch by the end of next year, as part of the city's transformation into a leading economic center in Libya. Speaking during the 'Amarna' podcast alongside Italian Ambassador to Libya, Gianluca Alberini, Haftar said the recent Libyan–Italian Economic Forum has opened wide channels of cooperation between Italy and Benghazi. The forum saw participation from nearly 100 Italian companies, signaling renewed international confidence in Libya's eastern region. He emphasized that Benghazi has now embarked on a serious path of reconstruction and growth, and that its economic revival is unmatched in recent history. 'By the end of next year, several large-scale projects will be inaugurated as scheduled,' he stated. Italian Ambassador Alberini echoed these sentiments, noting the momentum in Benghazi's development, and affirming that Italian firms are ready to begin operations following their participation in the forum. The remarks reflect a growing effort to attract foreign investment, rebuild critical infrastructure, and position Benghazi as a strategic gateway for economic recovery and international trade. Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations. Libya's economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya's economy. The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions. The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition. Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges. Tags: Belgassem HaftarbenghazilibyaLibya Reconstruction Fund
Libya Review
5 days ago
- Business
- Libya Review
Libya Signs 98 Cooperation Deals with Italian Companies in Benghazi
On Thursday, Belgassem Haftar, Director of Libya's Reconstruction and Development Fund, signed memoranda of understanding (MoUs) with 98 Italian companies as part of the Libya–Italy Economic Forum currently taking place in Benghazi. The agreements mark a significant step forward in fostering international partnerships to support Libya's rebuilding process. Among the companies involved is the renowned Italian manufacturer Iveco, known for its specialization in heavy vehicles and trucks. The signed MoUs cover a wide range of priority sectors critical to Libya's recovery, including infrastructure, energy, engineering consultancy, interior finishing and decoration, maritime and air transport, training, and capacity development. In a statement, the Fund emphasized that these agreements are part of its broader strategic vision to attract international technical expertise and promote high-level cooperation with global firms. The Fund also highlighted its goal of transferring knowledge and best practices to Libyan professionals through specialized training programs, ensuring long-term sustainability and national capacity building. Now in its third and final day, the Libya–Italy Economic Forum has brought together more than 223 Libyan companies for direct business-to-business (B2B) meetings. These sessions aim to establish the logistical, legal, and financial frameworks required to facilitate the entry and operations of Italian companies in the Libyan market. The forum represents a new chapter in Libya's economic diplomacy, demonstrating growing international confidence in Libya's reconstruction trajectory. By opening its doors to experienced foreign companies, Libya seeks not only to accelerate physical rebuilding but also to foster innovation, investment, and the development of a competitive national economy. Tags: Belgassem HaftarbenghaziItalylibyaReconstruction Fund
Libya Review
6 days ago
- Business
- Libya Review
Belgassem Haftar: Italian Firms Vital to Libya's Reconstruction
The return of Italian companies to eastern Libya marks a 'historic moment,' both symbolically and operationally, according to Belgassem Haftar, Director of Libya's Reconstruction and Development Fund. Speaking to Agenzia Nova on the sidelines of the Italian-Libyan Economic Forum in Benghazi, Haftar described the renewed cooperation as a significant step forward. 'Italian firms have a deep understanding of our market and share long-standing historical, geographical, and cultural ties with Libya. Their experience and technical capabilities are exactly what we need,' Haftar said. He assured Italian stakeholders that Libya would honour all contractual commitments, including payment obligations. 'The most important element is trust. We will respect all agreements signed with Italian companies. We have many projects that will rely on their participation,' he added. Haftar explained that the Fund has proposed an €11 billion budget to the House of Representatives as part of a three-year development plan. The programme is built on sectoral studies to improve public services in key areas such as healthcare, education, infrastructure, environment, logistics, and transportation. 'For example, the infrastructure plan for Benghazi is expected to last between three to five years and will also aim to reduce environmental pollution. It is a strategic project that will open many opportunities for foreign companies,' he explained. Addressing Libya's internal divisions, Haftar stressed that national unity and political stability depend heavily on development. 'Development is a critical factor for reaching a political solution,' he said. He argued that economic revitalisation could drive not only local stability but also encourage political cohesion and stronger ties with neighbouring countries. The Benghazi forum is seen as a key platform for strengthening economic collaboration between Libya and Italy, with numerous contracts and partnerships expected to follow. Tags: Belgassem HaftarItalylibyaReconstruction
Libya Review
07-06-2025
- Business
- Libya Review
Over 100 Italian Companies to Attend Libya Investment Forum in Benghazi
Benghazi is preparing to host a major Libyan-Italian Economic Forum from June 24 to 27, signaling renewed interest among Italian companies in investing in eastern Libya. Organized by the Italian-Libyan Chamber of Commerce in partnership with Libya's Reconstruction and Development Fund, headed by Belgassem Haftar, the forum comes just after Libya's House of Representatives approved a long-awaited development budget. According to Nicola Colicchi, president of the Italian-Libyan Chamber of Commerce, the event reflects growing economic confidence in the region. Despite ongoing instability in western Libya, he noted that eastern Libya is offering a more stable environment for investment. Colicchi, a seasoned entrepreneur with deep knowledge of Libya's markets, emphasized that Italian goods and services remain highly valued in the country. Italian participation is expected to be broad, with over 100 companies registered to attend. These firms represent a wide range of sectors, including construction, infrastructure, engineering, healthcare, urban planning, logistics, agriculture, energy, and tourism. The initiative aims to facilitate direct partnerships between Libyan institutions and experienced Italian companies with a strong record of delivering in complex markets. The forum also serves as an entry point to wider African markets. Colicchi described Cyrenaica (eastern Libya) as a strategic hub, connecting Europe with sub-Saharan Africa. He also praised Italy's recent diplomatic engagement, noting that Prime Minister Giorgia Meloni remains the only European leader to have visited Benghazi in recent years. Colicchi identified Belqasem Haftar as one of Libya's most important economic actors, citing his leadership in post-crisis reconstruction and his supervision of public investment projects in Derna and other cities. The Reconstruction Fund, he said, is becoming a reliable partner for foreign investors seeking long-term opportunities in Libya. Tags: benghaziInvestment ForumItalian Firmslibya
Libya Review
27-05-2025
- Health
- Libya Review
Belgassem Haftar Oversees Construction Progress of Major Hospitals in Benghazi
On Tuesday, the Director-General of the Libyan Reconstruction and Development Fund, Belgassem Khalifa Haftar, conducted a site visit to inspect two of the most important ongoing healthcare infrastructure projects in Benghazi: a specialized Pediatric Surgery and Medicine Hospital and a Women's Maternity Hospital. The Pediatric Hospital will provide 490 beds and is designed to deliver advanced care for children requiring surgery, intensive care, and other specialized treatments. The Maternity and Women's Hospital, with a 200-bed capacity, will focus on maternal health, obstetrics, and gynecological care. Both facilities are being constructed according to modern international healthcare standards. Haftar's visit aimed to evaluate the progress of construction and ensure that work was advancing according to the technical specifications approved by the fund. He also reviewed the quality of materials and medical equipment being installed, with a focus on ensuring that the hospitals will be fully equipped with state-of-the-art facilities upon completion. The dual hospital project represents a strategic investment in Benghazi's public health system and is part of a broader plan by the Reconstruction and Development Fund to enhance Libya's healthcare capacity, particularly in underserved regions. When complete, the facilities are expected to significantly improve access to specialized medical services for women and children, reduce strain on existing hospitals, and serve as training hubs for future medical professionals. Officials highlighted that the initiative is not only about constructing new buildings but about transforming the quality and accessibility of healthcare services in eastern Libya. By investing in essential infrastructure like hospitals, the Libyan government seeks to demonstrate its commitment to social development and the welfare of its citizens, despite ongoing political and economic challenges. Tags: Belgasim HaftarbenghaziHealth Projectslibya
