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FINANCIAL NEWS
Italian builders eye Libya motorway project
25 Aug 2010
(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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