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Egyptian firms ready to help with $20bln first phase of Libya rebuild, says FEDCOC chief

The Address | Benghazi – Libya

The first phase of the proposed reconstruction of Libya will cost an estimated $20 billion, and require more than three million workers, which could provide “a good push” for neighbouring Egypt’s economic fortunes, the secretary-general of the Federation of Egyptian Chambers of Commerce (FEDCOC) has said.

Speaking to Zawya in an exclusive interview on the sidelines of a meeting between the Egyptian and Libyan Chambers of Commerce, Alaa Ezz said that FEDCOC is in negotiation with Libyan counterparts about work in several sectors, including infrastructure, construction, roads, communications, hotels, tourism and other sectors.

“The council is negotiating with international financial institutes to lend Libya the $20bln. It will help the rapid reconstruction operations in different fields,” Ezz said.

He said that a number of development banks have been approached for funding, including the African Development Bank, the European Investment Bank, Development Bank of Japan and the World Bank. He added that some projects could also be brought forward under a Build, Operate, Transfer (BOT) model, adding that “the Egyptian side here will be an investor” in such schemes.

Ezz said there were a number of high-profile Egyptian companies who are due to start work in Libya very soon.

“Orascom Construction, Arab Contractors and El Sewedy Electric have already taken serious steps there,” Ezz said.

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