The fund aims to rehabilitate areas devastated by wars and remove the effects of armed conflict in the cities of Benghazi and Derna – Libya Al Ahrar
Libya's Government of National Unity (GNU) has announced the creation of a fund worth millions of dollars to rebuild the cities of Benghazi and Derna.
On Thursday, the Libyan Cabinet announced creating a sovereign fund with an independent financial liability of around $335 million to rebuild the cities of Benghazi and Derna.
According to the government decision: "A sovereign fund shall be established under the name the Benghazi-Derna Reconstruction Fund, assuming independent financial liability, in affiliation with the Council of Ministers, and its headquarters shall be in the city of Benghazi."
In line with the same decision, 1.5 million Libyan dinars will be pumped into the fund.
The Libyan government indicated: "The fund aims to restore and rehabilitate areas devastated by wars and remove the effects of armed conflict in the cities of Benghazi and Derna, in order to achieve development goals and address damage to buildings and infrastructure."
The fund will undertake the mission of listing and assessing buildings' damage, while preparing and implementing plans and programmes for reconstruction projects. It will also coordinate efforts between competent parties to address the city's destruction and invite the private sector and civil society organisations to contribute to the reconstruction efforts.
The funds will also determine reconstruction priorities, propose the principles and controls for estimating compensation and the mechanism for its payment, while suggesting alternatives for financial compensation, submitting it to the Council of Ministers for approval. In addition, the value of the estimated compensation will be paid, according to the cabinet resolution.
The state decision asserts that the sovereign fund is concerned with contracting for maintenance, demolition and removal work, in addition to coordinating with local authorities and executive agencies, and re-planning and developing devastated urban areas.
Libya's Prime Minister Abdul Hamid Dbeibeh announced a few days ago his intention to establish funds to reconstruct cities affected by the war in the country.