By Libya Herald staff.
Tripoli, 29 January 2014:
The Egyptian National Company for Construction and Development (NCCD) said it has suspended all discussions . . .[restrict]on projects in Libya following the abduction of five Egyptian diplomatic staff over the weekend.
The President of the NCCD, Safwan Al-Salami, was quoted by Libya Al-Mostakbal as saying that the Egyptian construction company had shelved all projects in Libya after the kidnapping of diplomatic staff working at the Egyptian embassy in Tripoli. He added that the company would not discuss further projects until stability had returned.
The NCCD is one of the largest contraction companies operating in Egypt. Before the revolution it had implemented £E 500 million-worth of projects in Libya.
At the same time the Egyptian daily Al-Masry Al-Youm has reported that Egyptian exports to Libya fell by 25 percent over 2013 due mostly to the deteriorating security situation. Libya imports large quantities of construction materials from Egypt including cement, ceramics and glass among others. [/restrict]
