Libya to invest $120 million in agriculture

Alwasat - Cairo Fri 20 Apr 2018, 09:04 PM
alwasat radio

Libya will invest $ 120 million in the agriculture sector to boost production under a program with the United Nations Food and Agriculture Organization (FAO), a senior official in the agriculture ministry told the national reconciliation government.

Libya will have to cover its 2018 grain consumption requirement of about 1.2 million tonnes almost entirely through imports, but hopes to increase production from the next harvest, the head of the Agriculture Ministry's steering committee, Abdel Moneim Shihabuddin, told Reuters.

Libya, which relies heavily on oil, could meet at least half of its future grain needs if security and electricity supplies improve, Shihabuddin said.

Libya's economic situation has worsened over the past years due to various armed conflicts, exacerbated by political divisions, as well as the spread of crime and terrorism. But in September 2016, oil exports recovered again and crude production rose to levels not seen in 4 years.

Since then, the economic institution has been trying to implement economic policies and implement development projects aimed at bringing the economy back, but all future plans remain hostage to the stability of the political and security situation.