Libya plans $123 bln infrastructure spending
http://www.libyaonline.com/news/details.php?id=1270
OPEC member Libya plans to spend 150 billion dinars ($123.4 billion) on public works including building schools and renewing water and sanitation systems over five years, the oil-rich north African state said on Tuesday.
"The development programme includes a package of strategic projects in all fields, with an estimated budget of 150 billion dinars over five years," the official news agency Jana quoted a government statement as saying.
The plan, officially called the five-year programme to develop strategic projects, was drafted by senior government officials at a meeting in Tripoli on Sunday, it said, without immediately indicating when the programme would start.
Jana said the plan comprised the building of 530,000 housing units, as well as water stations and sewage and sanitation facilities at every village and town across Libya.
The oil- and gas-exporting country would also build 200 new schools per year alongside state-of-the art universities and technical colleges and faculties.
"These items of water, schools and housing will receive about 59 billion dinars from the programme," Jana said, adding without elaborating that 12.5 billion dinars would be allocated to upgrade and expand the telecommunications sector.
The government would also build or upgrade ports and airports, including Tripoli airport, which would be refurbished and its capacity expanded to receive 20 million passengers and 100 planes, Jana added. It gave no comparative figures.
The plan appeared aimed at improving the living standards of the 5.5 million Libyan population. Many Libyans say they are still waiting to benefit from soaring oil revenues and rising foreign investment following Tripoli's 2003 abandonment of prohibited weapons programmes and subsequent return to the mainstream of international politics.
Libyan leader Muammar Gaddafi has repeatedly urged the government to increase Libyans' average incomes to European levels, citing the OPEC-member country's riches. The government planned a 31 billion budget for 2007.
Comments?
too bad the government didn't wake up like 20 years ago, been saving up the billions now for a while
