Libya to launch subway line project worth 10 billion euros in investment

Libya to launch subway line project worth 10 billion euros in investment

August 04, 2019 - 19:36
Posted in:
Written By: AbdulkaderAssad

Ali Al-Essawi

The Libyan Minister of Economy Ali Al-Essawi said Sunday that the ministry is going to launch 10-billion-euro project of underground railway, saying they had met with investors and the Libyan concerned authorities.

Al-Essawi said in a presser that this project will be implemented by investors without any insurances or funding from the Libyan state and will create 40.000 jobs, let alone the positive impact on the Libyan economy.

"Such projects require massive amounts of money and it is difficult to get them amid the current instability in oil prices, knowing that oil is the main source of income for Libya." He explained.

The Minister of Economy added that there will be more discussions with the investors for the subway project, saying there will be a committee formed jointly with the investors in order to continue to work on materializing the project.

The minister came under verbal criticism by many Libyans on social media, accusing him and the government of intention to profit off the project and squander Libya's money; however others, explained the fact that the project is going to be 100% investment by either local or foreign investors.

Many Libyans also tried to clarify that such an investment in Libya is going to cost the country no money, rather it would help the country's transportation system and create a relief on the jammed roads.