Libya to sign $2.7 billion partnership to expand Misrata free zone

Libya will on Sunday sign a strategic partnership with international firms to expand and develop the Misrata Free Zone, attracting an estimated $2.7 billion in investment, Prime Minister Abdulhamid Dbeibah said on X.

The agreements, which would be signed with Qatari, Italian and Swiss companies, would help the project generate operating revenues estimated at around $500 million annually.

"This project not only enhances Libya's position among the region's largest ports in terms of size and capacity, but it also relies on direct foreign investment within a comprehensive international partnership," Dbeibah said.

Dbeibah said this partnership also reflects the government's commitment "to attracting productive external financing to stimulate the economy, modernise infrastructure, and transform state assets into platforms for sustainable returns."

Libyan economy heavily relies on oil, accounting for more than 95 percent of its economic output.

Misrata is a port city some 200 kilometres (124 miles) in the east of the capital Tripoli.

Dbeibah said the project would create 8,400 direct jobs and around 60,000 indirect roles.

It also would increase the terminal's capacity to 4 million containers annually, Dbeibah added.

The port extends over a vast area of ​​190 hectares, according to the Free Zone website.

Libya has been plagued by instability since a NATO-backed uprising in 2011, leading to a split in 2014 between eastern and western factions, each governed by rival administrations.