No Result
View All Result
Saturday, July 19, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Libya to activate stalled housing projects through local companies

bySami Zaptia
October 11, 2018
Reading Time: 2 mins read
A A

By Sami Zaptia.

Libya's Tripoli-based government plans to guarantee bank loans for local companies to reactivate stalled housing projects (Photo from archives: Sami Zaptia).
Libya’s Tripoli-based government plans to guarantee bank loans for local companies to reactivate stalled housing projects (Photo from archives: Sami Zaptia).

London, 11 October 2018:

Libya’s Tripoli-based government has revealed that it will activate its stalled housing projects using local companies, as part of its new economic reform plan.

The revelation came from Ahmed Maetig, deputy head of Libya’s internationally-recognized  Presidency Council (PC), during a Tripoli forum on the government’s new economic reform plan on Tuesday.

Maetig stressed the importance of the economic reforms and the initial phases centred around the imposition of a tax/levy on the sale of foreign currency for private use.

RELATED POSTS

CBL and ACA working committee to work on economic reforms – including elusive and politically challenging unified budget

Libyan Economic Forum to adopt national development and reform strategy

This policy is hoped to bring in liquidity to the country’s drained banking sector while reducing the black-market exchange rate. The foreign exchange revenues will also be used to reduce the government’s recurring budget deficit.

The new economic reform plan also involves Libya’s local banks offering loans to local companies wishing to complete some of the country’s plethora of stalled housing projects.

Maetig stressed that only some stalled housing projects will be reactivated: “where it was possible”. He did not give any further details, but said more would be revealed by December.

He did say that local companies were free to go into joint ventures with foreign companies.

More importantly, Maetig said that it would be left to banks to decide which stalled housing projects would be reactivated – as they would be providing the financing to the construction companies.

It will be recalled that previously Libyan governments had formed committees to attempt to assess the viability of stalled projects. By placing the responsibility on banks, the government can avoid having to make a political decision.

Maetig said that he Libyan government would act as guarantors of the loans given by local banks.

Maetig did not make any comment regarding the status of foreign contractors viz-a-viz some of Libyas stalled housing projects. Nor did he clarify if any of the stalled projects planned for reactivation were started by foreign contractors.

It is noteworthy that the Libyan government has prioritized incomplete housing projects above many other types of stalled projects.

This political decision reflects the country-wide housing deficit and the confidence that there will be no difficulty in selling any completed housing units.

It also reflects the social importance of housing. The shortage of housing is seen as the biggest barriers to marriage by young couples.

 

https://www.libyaherald.com/2018/10/11/cbl-not-delaying-economic-reforms-pcs-maetig/

 

https://www.libyaherald.com/2018/03/06/libyas-stalled-us-110-bn-22000-contract-projects-to-be-reviewed-again/

 

https://www.libyaherald.com/2017/01/11/gna-forms-committee-to-review-prioritize-stalled-projects-within-10-days-for-11-sectors/

 

Tags: bankseconomic reformfeaturedhousing projectsjoint ventureloansstalled projects

Related Posts

Tax system reform forum makes 11 main recommendations
Business

Tax Authority holds symposium entitled “Tax on e-Commerce”

July 17, 2025
Libyan Ports fees increased by 235 percent to reflect dinar devaluation
Business

Libyan Ports Company signs contract in Germany for 154-ton Liebherr container crane for Khoms Port

July 17, 2025
CBL receives results from meetings with international banks
Business

CBL Governor Issa pushes for improved e-payment services despite increase of points of sale by 92% and e-transactions by 75% since 2024

July 16, 2025
CBL temporarily suspends chairman and directors of ATIB
Business

Former ATIB bank Chairman Naaman Elbouri recalls his unjust kidnapping and detention – calls on CBL Governor to implement law against those unjustly accused

July 16, 2025
Twenty-three dead and 106 injured in Tripoli’s security forces clashes
Business

After signing agreement in April with Georgetown University, the first emergency response training programme is launched in DC: EMSC

July 16, 2025
CBL receives results from meetings with international banks
Business

CBL orders government entities from 1 August to receive payment for services from citizens electronically

July 16, 2025
Next Post
Italy officially invites Ageela Saleh to November Libya conference

Italy officially invites Ageela Saleh to November Libya conference

HSC debates PC reform, proposes amendments for a vote on Monday

ADVERTISEMENT

Top Stories

  • Libyan Railways Implementation Authority invites International Federation of Railways to participate in November workshop

    China to resume implementation of its stalled railways projects in Libya

    0 shares
    Share 0 Tweet 0
  • Former ATIB bank Chairman Naaman Elbouri recalls his unjust kidnapping and detention – calls on CBL Governor to implement law against those unjustly accused

    0 shares
    Share 0 Tweet 0
  • Libya and Nigeria discuss gas projects, extension of export pipelines to Europe and high-level delegation visit to Tripoli

    0 shares
    Share 0 Tweet 0
  • Tripoli based Libyan government plans to complete 150,000 housing units by 2030

    0 shares
    Share 0 Tweet 0
  • Fuel subsidies reached LD 60 billion, 30 percent of which is smuggled – therefore can invest just LD 5 bn in housing: CBL Governor Issa

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

National Strategy for Prevention and Combating of Corruption (2025-2030) launched by ACA

Western Mountain Military Region conducts operation around Ghadames against drug trafficking and transnational organised crime

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.