[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
'Justice for All' demonstrations swell across the US over the deaths of African Americans in police encounters.
Six former Guantanamo detainees are now free in Uruguay with some hailing the decision to grant them asylum.
Disproportionately high number of Aboriginal people in prison highlights inequality and marginalisation, critics say.
Nearly half of Canadians have suffered inappropriate advances on the job - and the political arena is no exception.
Featured
Women's rights activists are demanding change after Hanna Lalango, 16, was gang-raped on a bus and left for dead.
Buried in Sweden's northern forest, Sorsele has welcomed many unaccompanied kids who help stabilise a town exodus.
A look at the changing face of North Korea, three years after the death of 'Dear Leader'.
While some fear a Muslim backlash after café killings, solidarity instead appears to be the order of the day.
Victims spared by the deadly disease are reporting blindness and other unexpected post-Ebola health issues.