Libya’s Investment Corporation, Luay Al-Qaraw, denied recent rumours circulating about the institution injecting $5 billion to increase its investments in Egypt.
In a statement to the press, Al-Qaraw clarified that the claims circulating on some media outlets and social media platforms regarding the corporation injecting $5 billion are false.
He urged media outlets to exercise accuracy and obtain such news from official sources.
He pointed out that the corporation’s current investment activity in Egypt is favourable, with hopes for future development within the framework of the strong relations between the two sisterly countries, serving the interests of their peoples.
These rumours emerged simultaneously with the participation of Libya in the activities of the Cairo International Exhibition “EECA EXPO 2024,” held from February 29 to March 9.
Egyptian exports to Libya have claimed the lion’s share among Egypt’s total exports to the countries of the Arab Common Market, according to data from the Central Agency for Public Mobilization and Statistics.
The total value of these exports reached approximately $3.263 billion during the first eleven months of the previous year, 2023, up from about $2.916 billion in the same period of 2022, marking a total increase of $346.595 million.
The Arab Republic‘s exports to Libya witnessed a significant surge in 2023, escalating to $1.621 billion from January to November, up from $1.085 billion in the corresponding period in 2022, with an increase of about $531.782 million.
Following Libya, Iraqi imports from Egypt ranked second among the Arab Common Market countries, with the value of Egyptian exports to Iraq amounting to about $646.721 million during the first eleven months of 2023, compared to $475.184 million in the same period of 2022, showing an increase of $171.537 million.
Overall, the data from the agency showed a rise in the trade exchange value between Egypt and Libya, reaching $1.7 billion during the first eleven months of 2023, compared to $1.2 billion during the same period in 2022, marking a 42% increase.
