Latest news with #DevelopmentandReconstructionFund
Libya Review
4 days ago
- Business
- Libya Review
Libya's Parliament Reviews 3-Year Reconstruction Plan
Members of the Libyan Parliament's committee, established by a decision of the House of Representatives, met on Monday with Engineer Belgassem Haftar, Director of the Development and Reconstruction Fund, and Hatem Al-Araibi, the Fund's Project Director. The parliamentary delegation included MPs Saleh Afhima, Mabrouk Al-Khatabi, Ali Akshir, Idris Omran, Abdul-Salam Nasia, Jabballah Al-Shaibani, Badr Al-Nuhaib, Ayman Saif Al-Nasr, Al-Salheen Abdul-Nabi, and Al-Mahdi Al-Aawar. According to MP Saleh Afhima, the meeting focused on the proposed budget and the multi-year Libya Reconstruction Plan drafted by the Fund for the years 2025, 2026, and 2027. The committee discussed strategies for development and infrastructure revival across the country. Afhima also stated that MPs agreed to document and incorporate suggestions from parliamentary districts nationwide to ensure fair representation of needs. The meeting concluded with consensus on the necessity of equitable distribution of development projects throughout all regions of Libya. This parliamentary dialogue marks a significant step toward enhancing infrastructure and supporting post-conflict reconstruction efforts, underlining the need for transparency and balanced implementation in the upcoming years. Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations. Libya's economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya's economy. The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions. The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition. Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
Libya Review
02-06-2025
- Business
- Libya Review
Libyan Parliament Approves Budget for Reconstruction Fund
Libya's House of Representatives has approved the preparation of a dedicated budget for the Development and Reconstruction Fund, aimed at revitalising infrastructure and services across the war-torn country. The session was held on Monday in Tobruk, under the chairmanship of Speaker Aqeela Saleh, with the presence of First Deputy Speaker Fawzi Al-Nuwairi and Second Deputy Misbah Douma. According to Parliament Spokesman Abdullah Bliheg, the session also reviewed the national development plan for the years 2025, 2026, and 2027. Following extensive discussion, MPs agreed to initiate the process of drafting a budget for the Development and Reconstruction Fund. The decision includes the formation of a committee comprising a representative from each electoral district, who will meet with the Fund's administration to ensure the budget is equitably distributed across all regions. The fund is expected to play a critical role in rebuilding key infrastructure, repairing war-damaged areas, and boosting development in neglected provinces. The House also agreed to establish a technical committee to study the Libyan-Turkish agreement submitted by the government designated by Parliament. Additionally, MPs voted to cancel all exceptions to financial and administrative oversight—marking a move towards enhanced transparency and institutional control. Tags: Ageela SalehDevelopment FundlibyaLibyan parliamentReconstruction
