Agreed 2,000 megawatt electricity projects on hold due to financing problem
By Sami Zaptia.
London, 6 July 2018:
Contracted electricity projects approved in December generating 2,000 megawatts of power are on hold due to the inability to organize funding, the Libya’s Presidency Council (PC) has revealed. The revelation came through Mohamed El-Sallak, the official spokesperson for Faiez Serraj, the head of the PC during Tuesday’s press conference.
The fast-tracked projects in Tripoli West, Tripoli East and Misrata power stations were intended to overcome Libya’s 1,500 MW generation deficit which has been causing acute powers cuts across the country.
The projects were slated to be financed by the Libyan Local Investment & Development Fund (LLIDF), however, Sallak said that the Audit Bureau objected ‘‘in their view’’ to the financing of these projects on ‘‘legal’’ grounds.
He implied that the PC did not agree with the Audit Bureau’s interpretation and added that Serraj has requested that both Audit Bureau and PC/GNA officials sit down and find an agreeable legal formula for the completion of the projects as they are important in resolving the electricity crisis that Libyan citizen are suffering from.