Tripoli (Agencies): Libya’s Airports Authority has entered into a Memorandum of Understanding (MoU) with two foreign companies, Terminal Yap? of Turkey and ERG International of the UK, to fund the new Tripoli Airport project.
The MoU was signed by Mohamed Bait Al Mal, the head of the Libyan Airports Authority, and Cenk Coskun, representing Terminal Yap?. Mohamed Al-Sayed Ibrahim, Vice Chairman of the Board of Directors and Director of Project Management, signed on behalf of ERG International.
The Ministry of Transport in Tripoli reported that the two companies proposed a joint venture to finance the new Tripoli Airport project, leveraging their extensive experience in airport investment.
The MoU is designed to establish the technical and financial foundations for a final contract for the investment project. This includes financing infrastructure projects, rehabilitating the airport, and operating it to improve services and meet the standards and requirements of the International Civil Aviation Organization (ICAO).
Despite current challenges in Libya’s air transport sector, the Ministry of Transport views the signing of this MoU and the progression of the project as a crucial step towards strengthening international cooperation, attracting foreign investments, resuming flights to and from Libya by international airlines, and achieving sustainable development in the country’s aviation sector.
The Ministry anticipates that this strategic collaboration with the two-company coalition will yield positive results. It will help alleviate the state’s financial burden by funding the project outside the general budget and will contribute to the introduction of modern technologies and the transfer of knowledge and experience in civil aviation.