Tripoli, 15 March 2014:
The American construction management company Hill International has announced a net profit of $1.6 million for 2013, a . . .[restrict]figure boosted by recouped debts from the Libyan government.
“Hill has now collected approximately $9.2 million against its outstanding accounts receivable balance of $60.0 million that was owed at the time when the Libyan civil unrest began in February 2011,” the company said in a statement.
Libya’s Organisation for the Development of Administrative Centres (ODAC) still owes Hill $50.8 million. Hill says it expects to receive full payment in the near future.
“This is a major step in collecting all of our outstanding receivables from ODAC and getting back to work in Libya,” said President of Hill’s Project Management Group (International) Raouf S. Ghali.
“We are currently in negotiations with ODAC for several new contracts and we very much appreciate their continuing efforts to work with us so that we can continue managing their higher-education construction programme.”
Hill projects in Libya have included providing design management and construction supervision services for the expansion and development of university campuses across the country. [/restrict]
