[QODLink]
Africa
Video: Libya's economy set to soar
Libya seeks private investors to help boost its growing economy.
Last Modified: 03 Sep 2009 15:35 GMT

Libya has the largest proven oil reserves of any African country and gets 95 per cent of its revenue from oil exports.

Since it emerged from economic isolation in 2003, big oil companies have been rushing to tap its oil wealth:

Four major US firms signed exploration contracts in 2005 and Libya agreed to buy British missiles and air defence systems in return for oil exploration rights, given to British company BP, two years later.

France signed a deal to supply nuclear technology and Libya agreed to buy Airbus planes from France later the same year and, in 2008, Russia cancelled $4.5 billion of Libyan debts in exchange for several contracts, which included upgrading Libyan railways.

Al Jazeera's Amr el-Khaky reports from Tripoli, which has now become a thriving metropolis as a result.

Source:
Al Jazeera
Topics in this article
Country
Featured on Al Jazeera
More than one-quarter of Gaza's population has been displaced, causing a humanitarian crisis.
Ministers and MPs caught on camera sleeping through important speeches have sparked criticism that they are not working.
Muslim charities claim discrimination after major UK banks began closing their accounts.
Italy struggles to deal with growing flood of migrants willing to risk their lives to reach the nearest European shores.
Featured
In Brussels, NGO staff are being trained to fill the shortfall of field workers in West Africa.
Lawsuit by 6-year-old girl, locked up for a year, reignites debate over indefinite detention of 'boat people'.
Indonesian and Malaysian authorities are keeping a close eye on local supporters of the hard-line Middle East group.
Citizens of the tiny African nation say they're increasingly anxious of the fallout after alleged coup.
A humanitarian crisis and a budget crisis converge in the heart of the human smuggling corridor in Texas.
join our mailing list