Libya signs $2.7bn deal to expand Misurata Free Zone, in diversification push

Libya has signed a strategic partnership with international firms to expand and develop the Misurata Free Zone, a project intended to attract $2.7 billion in foreign investment. This initiative aims to diversify the nation's oil-dependent economy by transforming the port into a major logistics hub connecting Africa, Europe, and the Middle East. The partnership involves Terminal Investment Limited and Doha-based Maha Capital Partners, with the goal of increasing the port's capacity and creating thousands of jobs. This economic development effort is being pursued despite the prolonged instability and rival administrations that have existed in Libya since 2011.