Libyan Minister of Economy and Trade Suhail Bousheha revealed that Libya's average annual development spending over the past four years has reached approximately $10 billion. These funds have been allocated towards infrastructure development and improving opportunities for growth and investment. Bousheha made this statement during the World Investment Forum 2026 in Doha, organized by the United Nations Conference on Trade and Development.
The World Investment Forum 2026, attended by high-profile officials, including Mustafa Manaa and Ali Mahmoud, provided a platform for Bousheha to emphasize Libya's strategic importance. As the country with the largest proven oil reserves in Africa, Libya's resources play a vital role in global energy security and supply stability. Bousheha stressed that the Libyan government's vision extends beyond merely exporting resources.
Instead, the government aims to transform Libya's resources into productive investments, added value, and sustainable economic diversification. The Government of National Unity is working to transition from economic recovery to economic development. This involves improving the business environment, strengthening regional and international integration, and attracting quality investments.
Bousheha highlighted that the annual development spending of around $10 billion over the past four years has been targeted at infrastructure development and stimulating growth. He views this spending as an investment in the Libyan economy's ability to attract projects, improve trade efficiency, and increase the private sector's contribution.
The Libyan government is launching new initiatives and partnerships with major international companies starting in 2026. These efforts aim to enhance Libya's position on the global investment map. By leveraging the country's economic potential, Libya seeks to open new avenues for cooperation and strengthen its global connections.
Bousheha concluded by emphasizing that Libya's resources and strategic location offer opportunities for real investments and partnerships. These collaborations would help diversify the economy and support sustainable development, ultimately boosting growth prospects. The country's progress in this direction will be crucial in achieving its economic goals.
The Libyan government's focus on economic development and investment is a significant step towards achieving sustainable growth. With a renewed emphasis on infrastructure development and private sector contribution, Libya is poised to strengthen its position in the global economy.
Key points
- Libya has spent around $10 billion annually on development over the past four years.
- The country's resources are vital for global energy security and supply stability.
- Libya aims to transform its resources into productive investments and sustainable economic diversification.
