Western Libya safe, ready for reconstruction, says Maetig

Potential investors were assured today by Presidency Council deputy chairman Ahmed Maetig that western Libya was safe and ready for rebuilding.

Maetig was speaking at the Libya Reconstruction & Investment Forum held in London’s Lancaster House.

“The security situation in the western region from Sirte to the western border is now secure, with no obstacles or clashes whatsoever, ” said Maetig, “ so there is an opportunity to start reconstruction projects”.

Maetig also confirmed the deep disagreement between the PC and the Central Bank under Saddek Elkaber who was resisting plans to devalue the Libyan dinar. Maetig said that he favoured a gradual rather than a sudden adjustment in the exchange rate.

“As of now,” he told Reuters, “the situation in Libya does not allow us to do something with interest rates. The only available solution that can be effective is the exchange rate”.

The official dollar rate is fixed at LD 1.41. The blackmarket dollar prices is currently LD 6.32.

This was the first investment forum to be organised by the PC which moved into Tripoli ten months ago.

British ambassador Peter Millett praising the “fantastic” turnout at the conference said that the UK was pleased to have hosted the meeting. “This is an important step towards reinvigorating the Libyan economy.

“Investment in electricity, water, and healthcare is critical to alleviating the suffering of the Libyan people” he said, “After five years of violence and political divisions, the Libyan people deserve better.”