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US companies to reconstruct Libya's infrastructure and economy

A view from coastal and commercial city of Libya, Misrata on 12 June 2020. [Hamza Al Ahmar - Anadolu Agency]
A view from coastal and commercial city of Libya, Misrata on 12 June 2020. [Hamza Al Ahmar - Anadolu Agency]

Several US company owners have expressed their eagerness to invest technical expertise and financial resources to help rebuild the infrastructure and economy in Libya. This came during a virtual meeting held on Tuesday by the American Chamber of Commerce in Libya (AmCham Libya), with the participation of Washington's Ambassador to Tripoli Richard Norland, according to a statement issued by the US embassy.

As per the statement issued on Wednesday, the meeting aimed to: "Exchange views regarding the evolving political process in Libya and prospects for improving the business climate for US investment."

During the meeting, business leaders noted that: "Boosting investment in Libya requires long-term political stability, transparent economic decision-making and an agreement on long-term revenue management."

The US company owners indicated that investments in Libya also necessitate: "Enabling business environments further, including the Central Bank's timely and consistent approval of letters of credit that Libyan importers need pay to their foreign business partners."

Ambassador Norland praised the political process currently underway in Libya, suggesting that it: "Provided a unique opportunity for Libyan political and economic leaders to achieve reforms that will transform Libya into a strong and reliable partner for private sector investment."

READ: Libyan parties start fourth round of talks in Tangier

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