The Libya Africa Investment Portfolio (LAIP) reported yesterday that representatives of the African Development Bank (AfDB) expressed their strong desire to support LAIP’s Two Transit Corridors Project and to expand the proposed support by mobilizing international funding from donors.
LAIP said this funding would contribute to securing the necessary partial or full financing to complete the technical and economic studies related to the project, given its funding requirements for the next phases.
The AfDB funding offer came following a meeting last Tuesday (6 May) of LAIP’s High Committee for the Libya-Africa Two Transit Corridors Project with a delegation from the AfDB, headed by Malin Blomberg, the Bank’s Deputy Director, at the headquarters of the Land Transport Authority of the Tripoli based Libyan Ministry of Transport. The meeting was attended by the LAIP Chairman and several members of the High Committee, as well as representatives from the International Cooperation Department of the Ministry of Finance.
A strategic initiative with regional implications enhancing African connectivity
LAIP said this meeting reflects the African Development Bank’s interest in reviewing the Transit Corridor project’s progress and exploring potential support to advance it to its later stages. It said the project is considered a strategic initiative with regional implications, given its potential to significantly impact transportation and logistics, and to enhance connectivity among African nations.
It reminded that the AfDB is a leading financial and development institution dedicated to supporting development projects in Africa. Its membership comprises African and non-African countries. Its primary activities include supporting development and infrastructure projects through grants for studies and research, as well as contributing to the financing and implementation of strategic projects.
During the meeting, the Higher Committee presented a visual overview of the project and its progress, highlighting completed work, studies, and ongoing steps within its planned framework.
LAIP said the AfDB’s offer comes in light of the Transit Corridor Project’s rapid development, its strategic importance, and its potential for a broad developmental impact that extends beyond the regional level to wider international horizons.
At the conclusion of the meeting, both parties agreed to continue their coordination and cooperation, and to exchange technical data and information related to the project, supporting its progress towards its next phases in accordance with an institutional vision and effective partnerships.
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