Tripoli Prime Minister Aldabaiba welcomes signing of US-brokered Unified Public Spending Agreement
via Libya Herald2 min read
Libyan Prime Minister Abd Alhamid Aldabaiba, based in Tripoli, welcomed the signing of the US-brokered Unified Public Spending Agreement between the two politically split Libyan western and eastern administrations. Aldabaiba stated that after 13 years of political deadlock, this agreement aims to regulate public spending uniformly across Libya, with the Libyan citizen as the primary beneficiary. He expressed hope that commitment to its implementation would lead to an improved standard of living, price stability, and a stronger Libyan dinar. The Prime Minister emphasized that development is a right for all Libyans, achievable within the state's financial capacity and economic potential. He described it as a promising step, with the real test being the serious commitment of all parties to achieve tangible results for citizens. Aldabaiba thanked all contributors, including the Central Bank of Libya, representatives of the House of Representatives, and the High Council of State, as well as the US Treasury Department and Advisor Massad Boulos for their support in the mediation efforts.
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The Ministry of Economy and Trade announced the registration of 106 decisions for branches of foreign companies, joint ventures, and representative offices from January to June 2026. This reflects growing investor confidence and an improved business environment in Libya. The decisions include 79 foreign company branches, 19 joint ventures, and 4 representative offices. The contracting sector led with 43 decisions, followed by oil and energy with 34. Turkey ranked first in terms of nationality with 17 decisions, followed by Tunisia with 13, and the United Arab Emirates and China with 7 each. The Ministry attributes these indicators to government efforts to develop the investment climate, simplify procedures, and strengthen international economic partnerships. Additionally, an e-website for foreign company registration will launch in August 2026 to streamline procedures and enhance transparency.
The Committee for the Reconstruction of Benghazi Centre and al-Sabri RBCS, part of the Libya Development and Reconstruction Fund, held multiple meetings in July with international companies regarding the Benghazi redevelopment project. The RBCS met with Turkish company NKY to discuss progress and technical proposals for the Benghazi Waterfront Development Project, focusing on design updates and architectural solutions. Another Turkish company, IRIS, visited project sites to understand the area's character and assess existing buildings for restoration, including historic structures. RBCS Chairman Mohamed Al-Hassadi met with Filippo Colombo, Consul General of Italy in Benghazi, and representatives of Italian company FIMA to discuss the restoration of historic buildings with Italian architectural character, aiming to preserve their identity and rehabilitate them to international standards. The committee also met with British company P+P to discuss the area's master plan, investment opportunities, and potential development sites, focusing on creating an attractive investment environment. Additionally, the RBCS held meetings with Polish company APA and Turkish company On Tasarim to review progress, discuss design updates, and technical modifications for the Benghazi Waterfront Corniche Project, ensuring integrated design solutions and adherence to high technical standards.
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