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FinancialNews


  • 25-08-10

    Italian builders eye Libya motorway project

    (MENAFN) Italy's infrastructure minister Altero Matteoli said that Italian builders have presented 20 offers for a 1,700 kilometers motorway across Libya, the biggest project of its kind in Africa, Reuters reported. The project will be financed by Italy as agreed in a friendship treaty signed by Italian Prime Minister Silvio Berlusconi and Libyan leader Muammar Gaddafi in 2008. The treaty foresees Italy investing $5 billion in Libya over 20 years in infrastructure projects reserved to Italian firms as compensation for colonial misdeeds from 1911-1943. The planned four-lane road will stretch from Ras Ajdir, on the border with Tunisia, to Imsaad, close to Egypt, according to a tender document published by the Libyan embassy in Rome earlier in August. The awarding procedure is expected to start by October 30, the tender said.

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