Libya has entered a new phase of integrated development, leveraging large-scale economic projects across sectors to build a balanced and inclusive economy, according to بلقاسم حفتر, head of the Libyan Fund for Development and Reconstruction (LFDR). Speaking at the Future Investment Initiative (FII) in Riyadh, he said that Libya is now repositioning itself from years of conflict toward stability and growth.
He pointed out that Libya has rebuilt the city of Derna and other areas impacted by Tropical Storm “Daniel” in September 2023 — efforts that reflect a turning point from crisis to progress. Those reconstruction efforts illustrate the country’s shift into a development-driven mode.
Libya, he added, is re-defining itself through major strategic projects designed to empower the national economy and open fresh opportunities for development. Unemployment, he noted, has fallen to the lowest levels in over a decade, with thousands of jobs created for young Libyans.
The Fund is also launching a programme to send 1,000 Libyan students to top global universities, aimed at training the human capital needed to lead the national transformation. “Building the human being is the real investment in Libya’s future,” he emphasised.
According to him, the relative stability achieved over the last two years has created a favourable environment for international partnerships. Libya has held economic forums and meetings with partners from the United States, the United Kingdom and Italy, and currently companies from Turkey, Egypt, Italy, Spain, France, China and the UAE are operating in joint ventures with their Libyan counterparts.
He expressed Libya’s keen interest in enhancing cooperation with Saudi companies, describing the Saudi model of development and economic transformation as an inspiring template that Libya can benefit from.
In a major strategic ambition, he revealed plans to rebuild the city of Benghazi and transform it into the country’s economic capital — to become the largest commercial, energy and services hub in North Africa and the Middle East. “We are working with confidence and determination to make Libya an attractive destination for investment and a centre for trade, energy and services in the region,” he said.
He concluded by stating that the “new Libya” offers an exceptional opportunity for international investors, under clear orientation toward economic openness and leveraging regional and global expertise to build a sustainable future.