The fund aims to rehabilitate areas devastated by war and eliminate the effects of armed conflict in the cities of Benghazi and Derna – Libya Al Ahrar
The Libyan Government of National Unity (GNU) announced the creation of a multi-million dollar fund to rebuild the cities of Benghazi and Derna.
On Thursday, the Libyan government announced the creation of a sovereign wealth fund with independent financial responsibility of around $ 335 million to rebuild the cities of Benghazi and Derna.
According to the government decision: “A sovereign fund will be created under the name of Benghazi-Derna Reconstruction Fund, assuming independent financial responsibility, in affiliation with the Council of Ministers, and its headquarters will be in the city of Benghazi.
In accordance with the same decision, 1.5 million Libyan dinars will be injected into the fund.
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The Libyan government said, “The fund aims to restore and rehabilitate areas devastated by war and eliminate the effects of armed conflict in the cities of Benghazi and Derna, in order to achieve development goals and address damage to buildings and infrastructure.
The fund’s mission will be to identify and assess damage to buildings, while preparing and implementing plans and programs for reconstruction projects. It will also coordinate efforts between relevant parties to combat the destruction of the city and invite the private sector and civil society organizations to contribute to reconstruction efforts.
The fund will also determine reconstruction priorities, propose the principles and controls for estimating compensation and the mechanism for its payment, while suggesting alternatives for financial compensation, submitting them to the Council of Ministers for approval. In addition, the value of the estimated compensation will be paid, according to the resolution of the cabinet.
State ruling says sovereign wealth fund is concerned with contracting for maintenance, demolition and removal works, in addition to coordination with local authorities and executive agencies, and re-planning and the development of devastated urban areas.
Libyan Prime Minister Abdul Hamid Dbeibeh announced a few days ago his intention to create funds to rebuild war-affected towns in the country.
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