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Libya faces 800,000-unit housing deficit, Prime Minister Aldabaiba outlines new policy
via Libya Herald2 min read
Libyan Prime Minister Abdel Hamid Aldabaiba stated that Libya has a housing deficit of approximately 800,000 units, a challenge he believes requires a partnership between the state, banks, and the private sector. Speaking at a National Dialogue on the banking sector's role in housing and urban development, Aldabaiba emphasized that housing is now an economic and social issue. The new housing policy divides roles, with the state providing planning, land, and infrastructure, banks offering financing, and the private sector handling development. He categorized Libyan families into three segments: 15% capable of self-build, 15% able to purchase from the market, and 70% requiring support and long-term mortgage financing. The first phase of the National Housing Programme aims to complete about 150,000 stalled housing units, with the state covering land, concrete structure, and infrastructure costs. Citizens will finance completion through long-term bank loans with a 15% down payment and repayment periods of 25 or 30 years. Aldabaiba noted that 10% of units would be allocated to those unable to pay, with ownership transferred by the state, stressing that support would be for eligible individuals, not free housing for all. The next phase involves allocating planned land to developers to boost supply and stimulate the economy.
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This summary was AI-generated from a story originally published by Libya Herald.
Libyan Prime Minister Abdel Hamid Aldabaiba participated in a National Dialogue on "The Role of the Banking Sector in Revitalizing Housing and Urban Development Projects," organized by the Ministry of Housing and Reconstruction. The Prime Minister highlighted that housing in Libya is now an economic and social concern, requiring a shift from piecemeal solutions to a comprehensive, long-term national policy. The government aims to build an integrated housing and real estate finance system through a partnership between the state, banks, and the private sector. This initiative includes a national program to construct 150,000 housing units in its first phase and develop a stable real estate finance environment. Minister of Housing and Construction Essam Al-Tamouni presented the ministry's action plan, including developing the "Libyan Building Code" to unify technical and engineering standards. The dialogue revealed a housing deficit of 315,000 units in Greater Tripoli, 175,000 in Greater Benghazi, 84,000 in the Central Region, 70,000 in the Southern Region, and 56,000 in other regions. Governor of the Central Bank of Libya, Naji Issa, emphasized real estate financing as a key driver for economic growth, requiring integrated roles from legislative, executive, and regulatory bodies, banks, and the private sector.
The Libyan Public Prosecution has ordered the detention of the Financial Director and two Board Members of the Industrial Investment Development Company, a subsidiary of the Libyan Internal Investment Fund LIIF. They are accused of authorizing the disbursement of 130 million dinars in financing to the North Africa Company for projects that were never implemented, leading to the disappearance of the funds. The Attorney General's Office reported that the Public Prosecution also ordered the detention of all other shareholders involved in the incident.
Libya's Industrial Zones Authority IZA Chairman, Mohamed Al-Tawati, met with a Turkish delegation led by Omar 脟谋nar, a Board member of the U艧ak Organized Industrial Zone OSB. The meeting, held last Wednesday, focused on enhancing international cooperation and attracting quality investments. Discussions explored opportunities for collaboration in the industrial zones sector and leveraging Turkish expertise in developing, establishing, and managing industrial zones. The IZA stated its commitment to expanding cooperation with international companies and attracting investments to support industrial zone development, industry localization, job creation, and economic growth in Libya. This visit is part of a broader work program aimed at strengthening cooperation through a series of upcoming meetings.