The official page of the Libyan Development and Reconstruction Fund has announced that its General Director, Belqasim Haftar, signed contracts for several projects planned for Derna and the cities of the Green Mountain region with the Egyptian company Neom.
The page clarified that the contracts were signed with Ibrahim Al-Arjani, Chairman of the Board of Sinai Sons and a member of the Board of Directors of the Egyptian company Neom.
This step aligns with the Fund’s strategic vision for the development and reconstruction of all Libyan cities and regions.
Additionally, several agreements were signed with the Egyptian company Arab Contractors.
On September 10, 2023, the city of Derna in eastern Libya suffered devastating floods, resulting in thousands of deaths, injuries, and missing persons.
The floods followed heavy rains that caused the overflow of the city’s two largest dams, leading to their collapse and the destruction of more than 25% of Derna, according to semi-official reports.
In May, Egypt and Libya launched a joint free trade zone, aimed at bolstering economic ties between the two countries.
The free trade zone is located in the Al-Jufrah region, southeast of Libya. It is intended to facilitate the provision of all Egyptian products needed by Libya.
The goal is to increase and facilitate the entry of Egyptian exports into Libya and subsequently into African countries. Libya aims to become a hub for transit trade, serving both the local market and landlocked countries in Africa.
Facilitating the flow of Egyptian goods into the Libyan market is contingent upon adhering to the required quality standards.
The move is expected to strengthen economic ties between Egypt and Libya while enhancing trade opportunities for both nations.
