Libya Industry Union supports CBL initiative to complete stalled housing projects – through cheaper, locally manufactured raw materials
The LIU's support to the CBL initiative came in the form of an official letter sent to the CBL last Thursday (17 July). The letter came in response to the workshop held in Tripoli last Sunday (13 July) entitled 'The Role of the Banking Sector in Revitalizing Stalled Housing Projects and Urban Development'. The workshop was organised by the CBL in cooperation with the Tripoli based Libyan government.
At the workshop, the CBL Governor, Naji Issa, announced that he was prepared to make available up to LD 5 billion for the completion of the hundreds of thousands of stalled (since the 2011 revolution) housing projects. It was also revealed at the workshop that the Tripoli government is aiming to complete 150,000 housing units by 2030.
In response, LIU Executive Director Nuseer confirmed the contents of the letter revealing the LIU ''affirm their full support for the CBL Governor's initiative, through which the development, reconstruction and completion of thousands of housing units will be revived throughout Libya
House-building raw materials can be manufactured locally at cost – plus a small margin
The LIU's participation in the initiative, the letter to the CBL said, comes by providing a large portion of the project's needs, with a small profit margin covering administrative and general expenses. These can be manufactured locally at cost.
More than 15 percent of value of housing units can be saved
Production operations are expected to save more than 15% of the value of the housing units, which will positively impact the selling price for Libyan youth and families benefiting from this initiative.
In light of the above, the letter's action point said ''we hope you (CBL) will kindly schedule a meeting with us (LIU) so we can present a presentation on the industrial companies that will participate in implementing this initiative''.
Commenting on the letter, ''The LIU's initiative reinforces the Governor's and the Council of Ministers' initiatives. The goal is to ease the burden on housing programme beneficiaries'', Nuseer explained to Libya Herald .
Local factories have international quality certification
''Because most of the project's needs can be manufactured locally, at cheaper and better prices than imported materials – the same quality as imported materials, and even better in some industries. Libyan factories have international and local certifications that enable them to manufacture excellent building materials at a lower price than imported materials'', Nuseer insisted.
Saving on need for hard currency drain
Stressing the logic of the savings, he added that ''The raw materials are local, and the skilled labour force is partly Libyan. This will in turn limit the drain on hard currency and provide jobs for local youth''.
Therefore, ''the LIU decided to participate in this national programme where prices will be very competitive, and payment will be local (in local currency) made on an invoice-by-invoice basis. Local manufacturing and sourcing ''will reduce programme expenses in terms of warehousing, transportation, and security given that the local factory is the project's warehouse''.
Affordable housing for youth and families
Concluding, Nuseer said ''we will save on currency drain, reduce construction costs and benefit Libyan youth and families by obtaining affordable housing''.
.
Tripoli based Libyan government plans to complete 150,000 housing units by 2030
CBL workshop on 'The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development' to be held in Tripoli on 13 July
''Made in Libya'', Niamey, Niger 6 to 11 March 2023: to aid exports, transit trade and economic diversification (libyaherald.com)
Preparations for the second ''Made in Libya'' edition in Niamey, Niger progressing (libyaherald.com)
Libya prepares for ''Made in Libya 2'' exhibition in Niamey, Niger – exports and transit trade to Africa discussed (libyaherald.com)
Most of the ''Made in Libya'' exhibition space already allocated: Libya Industrial Union (libyaherald.com)
Minister of Industry and Minerals discusses cooperation with Military Industrialization Authority and latest preparations for the Made in Libya exhibition (libyaherald.com)
Libyan Industrial Union to co-organize a ''Made in Libya'' fair in Tunis in September (libyaherald.com)
Over 150 Libyan companies to participate in ''Made in Libya'' exhibition to be held in Tunis (libyaherald.com)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Libya Herald
a day ago
- Libya Herald
Trump Africa Advisor Boulos arrives in Tripoli – Aldabaiba offers several business incentives
Tripoli based Libyan Prime Minister, Abd Alhamid Aldabaiba, received President Donald Trump's Senior Adviser on African affairs Massad Boulos in Tripoli today. The Tripoli government reports that they discussed several common issues, including: Opportunities for US companies in energy, minerals, infrastructure, health & communications The meeting discussed opportunities for joint cooperation in the fields of energy, minerals, infrastructure, health, and communications, where the Prime Minister stressed the keenness of the Tripoli government to build economic partnerships with the United States, which open the way for major American companies to participate in development and investment projects. US$ 70 billion projects in energy, minerals, electricity, infrastructure and communications sectors The government team gave a detailed presentation of aspects of the Libyan economic strategic partnership, estimated at about $ 70 billion. Organised and direct entry for US investment in the Libyan market These include ready-made projects in the energy, minerals, electricity, infrastructure and communications sectors, allowing organised and direct entry for US investment in the Libyan market. New exploration and production oil plots on offer They also touched on developments in the oil sector, especially with regard to opportunities in new oil exploration and production plots, whether offshore or land, and efforts to enhance transparency and achieve sustainable returns within the framework of the stability of the energy sector. Strong condemnation of crimes, starvation and continuous aggression against Palestinians in Gaza The meeting touched on the developments of the Palestinian cause, where Aldabaiba expressed Libya's strong condemnation of the crimes, starvation and continuous aggression against the Palestinian people in Gaza, stressing the need to immediately stop the aggression, lift the siege, and spare civilians the scourge of war. Trump Administration supports for stabilisation of Libya For his part, Advisor Massad Boulos expressed the US administration's support for stabilisation efforts in Libya, stressing Washington's interest in continuing coordination and expanding areas of cooperation with the Tripoli government. Tags: US USA United States America
Libya Herald
a day ago
- Libya Herald
NOC loses judgment in a case in which it is not a party, but to appeal in final court of appeal
Libya's state National Oil Corporation (NOC) issued a Press Briefing today on the back of news that some of its assets abroad have been seized through a court ruling in a case in which it is not a party, but simply because this court deemed it not an independent entity but an extension of the Libyan state. The NOC said it is appealing the judgment in the final court of appeal. Here is the full statement: ''The National Oil Corporation (NOC) has followed up on the news circulated by some media pages on social media, a large part of which is correct, related to the cases of the precautionary seizure signed by some foreign companies on the funds and shares of the corporation in France, which obliged us to clarify the following: The NOC won three lawsuits, before the Paris Court of Appeal on March 13, 2025, all of which resulted in the cancellation of the precautionary reservations signed by three Swiss companies (Sysmed Travel, Jallouli Communications Group Easymedia, and Hopital de la Tour) with a total value of 35 million euros on the corporation's shares in the Mabrouk Company in France and some of its bank accounts, which were based on arbitration rulings issued in its favour by the International Chamber of Commerce in Paris against the Libyan state. On 10 November 2022, the Cypriot company Olin issued precautionary seizure orders on the funds of the National Oil Corporation with third parties in France, based on a final arbitration ruling issued in its favour against the Libyan state by the International Chamber of Commerce in Paris on 25/08/2018, which obliges the Libyan state to pay an amount of (24,373,175.70 euros), and the corporation demanded the cancellation of the seizure orders through a lawsuit it filed against Olin Company before the French judiciary, in which the Paris Court of Appeal ended on June 19, 2025 Issuing its judgment rejecting the NOC's request to cancel the seizure on the basis that the latter is considered an extension of the Libyan state, and that its funds do not enjoy any immunity from execution, even if it is not a party to the dispute between the Libyan state and Olin Company. Finally, the NOC has initiated the procedures of appealing the aforementioned judgment before the French Court of Cassation, in order to exhaust all levels of litigation to cancel the seizure of its assets, which is based on a judgment issued in a lawsuit in which the corporation was not a party.
Libya Herald
2 days ago
- Libya Herald
4th Libya Tech Forum 2025 launched in Istanbul
Under the auspices of the Central Bank of Libya and the Jumhuriya Bank, the activities of the Third Libya Technology Forum 2025 (22 to 23 July) were launched in Istanbul yesterday. The forum is a leading platform that brings together experts and decision-makers to discuss the latest developments in the fields of cybersecurity and digital transformation. The programme includes an intensive range of presentations, workshops and panel discussions, focusing on enhancing the security of banking and government systems, and developing the digital infrastructure of Libyan institutions. The opening session included Ali Abu Salah, Chairman of Jumhouriya Bank, along with several senior officials and specialized technical cadres, where they stressed the importance of investing in modern technologies, building national competencies capable of protecting digital systems, and effectively contributing to accelerating the pace of digital transformation within the country. Libyan dinar exchanged 8 to the dollar on Libyan black-market It will be recalled that the forum is being held at a time when the Libyan dinar has plunged in value exchanging at over LD 8 per US$, as the CBL tries to counter this trend and fighting what it sees as corruption associated with Libya's FX black-market. Consolidating use of e-payments The CBL has initiated several countermeasures to Libya's cash economy, including strongly supporting the use of e-payments in both the private and public sector. Tags: CBL Central Bank of LibyaLibya Tech Forum 2025
