馃嚤馃嚲Libya Herald路11 hours ago
Libyan proposal to transform electricity subsidies into sustainable solar energy investment
Naaman Elbouri, a former banker and current fintech CEO, proposes a national initiative to convert Libya's electricity subsidies into sustainable solar energy investments. This comes in response to increasing power cuts, a recent blackout affecting a vast area from Misrata to the Egyptian border, and the government's diversion of electricity from industries. The Prime Minister, Abdel Hamid Aldabaiba, has acknowledged billions spent on the electricity sector without resolving power issues. Elbouri suggests the Central Bank of Libya launch an initiative by providing commercial banks with credit lines equal to the annual GECOL subsidy. These banks would then offer concessional loans to citizens for purchasing and installing home solar energy systems, repayable over ten years. This approach aims to reduce pressure on the public grid, limit outages, decrease government spending, and create jobs in the solar energy sector. The proposal highlights sustainable financial savings by shifting government spending from operating expenses to productive assets and easing GECOL's financial burden. The implementation mechanism involves long-term credit lines from the Central Bank and concessional loans from commercial banks, with the solar system serving as collateral or payments collected from salaries. Challenges include securing initial financing of $3,000-$6,000 per household and ensuring quality through standardized technical specifications and licensed companies. The initiative is prese