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Libya signs $2.7 billion partnership for expansion of Misurata Free Zone

Libya will sign on Sunday a strategic partnership to develop and expand the Misurata Free Zone with international firms, attracting estimated $2.7 billion in investment.

The project would generate an estimated $500 million in operating revenue annually if the agreements were signed with Qatari companies and Italian, Swiss, and Swiss firms.

Dbeibah stated that "this project will not only boost Libya's ranking among the?largest port in terms of capacity and size, but also relies on direct foreign investments within a comprehensive partnership".

Dbeibah stated that this partnership reflects "the government's commitment to attracting a productive external financing in order to stimulate the economy, modernize the infrastructure, and turn state assets into platforms with sustainable returns."

The Libyan economy is heavily dependent on oil. It accounts for over 95% of the total economic output.

Misurata, a port town located 200 km (124 miles), east of Tripoli's capital city.

Dbeibah stated that the project will create around 60,000 indirect jobs as well as?8,400 direct roles.

Dbeibah also added that the terminal's annual capacity would be increased to 4,000,000 containers.

The port covers a large area, spanning 190 hectares. According to the website of?the Free Zone,?190 ha are available.

Since a NATO-backed uprising in 2011, Libya has suffered from instability, leading to a split between eastern and Western factions in 2014. Each of these factions is governed by rival governments. (Reporting from Menna Alaa El Dn, Ahmed Elumami, Muhammad Al Gebaly, and Louise Heavens).

(source: Reuters)