The Governor of the Central Bank of Libya, Naji Issa, said Libya’s subsidised fuel bill has reached 60 billion dinars (about US$ 7 bn), 30 percent of which is being smuggled out of Libya.
This, he said, has had a significant impact on the Libyan economy, with salaries increasing every year, along with other expenses.
Issa said that LD 3 to 5 billion every year is not a large amount to be invested in the construction of housing projects as a proportion of the total state budget or what is being spent on subsidized fuel annually. This is especially the case in view of the positive effect on youth and Libyan society resulting from the increased availability of housing, he added.
Governor Issa was speaking at the workshop entitled “The Role of the Banking Sector in Revitalizing Stalled Housing Projects and Urban Development”, organised by the Central Bank of Libya in cooperation with the Tripoli based Libyan government.
At the workshop, the government revealed that 150,000 housing units are to be completed between 2025 and 2030.
The workshop was attended by several heads of bank boards of directors and general managers, in addition to representatives of government agencies and real estate developers.
