Libya Sets Course with Landmark Misurata Free Zone Deal

Libya is signing a $2.7 billion strategic partnership with global firms to enhance the Misurata Free Zone's capacity and create economic growth. This initiative aims to attract significant foreign investment, creating thousands of jobs and boosting infrastructure, despite past political instability.

Libya is preparing to sign a significant strategic partnership this Sunday, attracting $2.7 billion in investments to expand the Misurata Free Zone. This initiative is a collaborative effort between Libyan authorities and international firms from Qatar, Italy, and Switzerland, stated Prime Minister Abdulhamid Dbeibah on X.

These agreements aim to transform the zone into a regional powerhouse, projecting $500 million in annual operating revenues. This strategic move is part of a broader vision to enhance Libya's standing among the region's leading ports through direct foreign investment, Dbeibah highlighted.

The project is anticipated to create 8,400 direct jobs and an estimated 60,000 indirect roles, a vital uplift for a country heavily dependent on oil. The Misurata Port, located east of Tripoli, will witness a capacity enhancement to accommodate 4 million containers per year, despite Libya's enduring political instability since 2011's NATO-backed upheaval.

(With inputs from agencies.)