Libya Creates Billion Dinar Fund for Sirte Reconstruction

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On Sunday, the Libyan Government of National Unity (GNU) announced the establishment of a sovereign fund for the reconstruction of the city of Sirte, which will be financed with one billion Libyan dinars.

According to the GNU’s decision, the fund has a legal personality, and an independent financial liability, and is based in the city of Sirte. The fund aims to reconstruct and rehabilitate areas devastated by the war in Sirte, in order to achieve development goals and address damage to buildings and infrastructure there.

The first task of the fund will be to inventory and evaluate the damage to buildings and public facilities in the city. It will also carry out maintenance and reconstruction of destroyed areas in coordination with local authorities, institutions, and concerned government agencies. It will prepare and implement plans and programs for reconstruction projects across the city.

The decision indicated the nomination of a board of trustees for the fund will be in accordance with a decision by the GNU Prime Minister, Abdel-Hamid Dbaiba. The fund is to be managed by an experienced general manager, and a deputy to be named by the PM.

Coordination efforts between all working parties to deal with the damage were emphasised, and invitations were sent to private sector and civil society organisations to contribute to reconstruction projects or rehabilitation of damaged facilities and services. Reconstruction priorities will be determined in order to open the way for the establishment of urban and investment areas.