18 November 2018 01:56 AM

Economic Relations

Monday، 19 October 2015 12:00 AM

On 6/8/2012, Egypt and Libya agreed to strengthen control of border areas with the purpose of ultimately preventing smuggling of goods and commodities.

 

Egypt promised to support in institution-building operations in Libya. Meanwhile the Libyan side pledged to multiply its investments in Egypt and to facilitate the return of Egyptian companies to participate in reconstructions efforts in Libya.

 

Two MoUs were signed in the fields of e-exchange and higher education.

 

On 3/7/2008, the Higher Libyan-Egyptian Committee convened in Cairo where a strategic framework for economic cooperation was signed between the two countries. That framework included:

 

1. Setting the number of investment projects and Egyptian workforce in Libya.

 

2. Promoting the level of Libyan investments in Egypt to $ 2 billion. The Egyptian side would offer $ 8 billion loans through several projects, the most important of which were:

 

• The fourth tributary at Toshka Project which is based on the Nile waters.

• The lands of Farafra Oasis in the New Valley which depend on aquifer.

• Specific projects in the fields of industry, mining and energy (it was agreed to establish a natural gas pipeline from Tobruk to Alexandria and to establish oil refinery Western Alexandria with a Libyan finance).

• Libya's contribution to the manufacture of fuel oil at Assuit Refinery.

• Projects in the fields of transport and infrastructure.

• Establishing joint free service and industrial zone from Marsa Matrouh till Tobruk.

• An offer to allocate lands in al-Qahira el-Gedida or in the 6th of October City to establish the city of al-Fatih like that of Sheikh Zayed.

• Libyan offer to settle 250.000 Egyptians.

• Legalizing the conditions of Egyptian workforce in Libya.

 

In March 2008, former Minister of Electricity Hassan Younis said he held talks with his Libyan counterpart Omran Abu Karaa on developing human, technical, financial and administrative resources.

 

This is in addition to developing the programs of training in Egypt in the fields of empowering and maintaining electrical projects. The two ministers also discussed electrical linkage project between the power grids in the two countries.

 

The two sides agreed to promote the volume of Libyan investments in Egypt to LE 3.15 billion in seven fields: industry, agriculture, financing, services, construction, tourism, IT and communications.

 

The tenth round of the Joint Higher Egyptian-Libyan Committee held in Cairo on July 3-4, 2008 tackled boosting economic relations between Egypt and Libya in all fields.

 

The recommendations of the Committee included boosting trade exchange, beefing up investments and setting up joint ventures in all service and production fields. This is in addition to the already signed programs between the two countries, including electricity, energy, health, oil, construction and building, food materials and clothes.

 

These programs have led to establishing five joint companies between Egypt and Libya to transfer natural gas to Libyan homes and factories. Egypt and Libya also established the first bank and insurance company to push forward investment.

 

Egypt and Libya also agreed to establish three joint companies operating on lands owned by the Holding Company for Tourism, Hotel and Cinema, affiliated to the Investment Ministry in the Red Sea, Alexandria and Giza.

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