Macroeconomic Forecast Libya

BMI View: According to a statement by Turkish Economy Minister Zafer Chaglayan in late July, Libya’s Transitional National Council has agreed to pay half of the outstanding debt owed to Turkish construction firms that remain outstanding since the outbreak of civil war in the North African state in 2011. Local media reports put this figure at approximately US$700mn. Turkish contractors were some of the largest investors in the Libyan economy before the outbreak of violent hostilities associated with the anti-Qadhafi uprising, and they are likely to remain well positioned to take advantage of reconstruction projects aimed at rebuilding the country’s underlying infrastructure network.

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