Libya announces vast plan for privatisation

Nov 24, 2003 01:00 AM

The Libyan prime minister Shukri Ghanem considered that Libya had prepared a large scale plan for privatising state owned factories and companies and the plan is to be extended until 2008. Ghanem said that this plan covers "privatisation of mineral industries, especially iron, steel, chemical industries, and factories to assemble trucks and buses, textile, and shoes companies, and state owned farms."
The Libyan prime minister said that the number of companies to be included in the privatisation plan will be more than 300.

Ghanem said that the privatisation plan will be applied in three phases until the year 2008, noting that "the Central Bank will sell shares of these companies and factories until a stock market is founded."
He stressed that this plan aims at "improving the national economic performance and the living standards of individuals through expanding the base of property owners."

Ghanem, an economist, was appointed in June as head of the government, adopts the policy of economic openness. He stressed that his country seeks to open up to foreign companies especially oil companies.
In June this year, Libya's Leader of the Revolution Colonel Muammar al Qathafi called for the privatisation of the sector of oil, banks, public companies, and airports.

Source: Arabic News
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