São Paulo – Libya’s currency reserves have reached US$ 100 billion, according to information disclosed last week by Farhat Ben Gdhara, governor of the Libyan Central Bank. According to him, the country’s reserves are an important factor when it comes to attracting investors, as they ensure a long period of stability to the Arab country. The information was provided by news agency Panapress.
At an international conference, he underscored the variety of investment opportunities in Libya and the country’s national development plan, which favours the creation of projects. He called on foreign companies to carry out projects in partnership with the Libyan Investment Fund, and called attention to the fact that the exchange rate is stable in Libya.
The country has been working to attract foreign investment. A total of 95% of its export revenues are linked to oil. The commodity also accounts for 25% of the Gross Domestic Product (GDP) and 60% of public sector wages. The National Oil Corporation (NOC) has set a target of doubling the country’s oil production up to 3 million barrels/day by 2017. Libya has a GDP of US$ 60 billion.
*Translated by Gabriel Pomerancblum
