Authorities in eastern Libya announced this Wednesday the creation of a fund for the reconstruction of Derna, the city devastated by deadly floods, where a conference will be held on October 10 to prepare the first “projects.”
In a statement, the eastern government said it had given “approval for the creation of a fund for the reconstruction of the city of Derna and the areas affected” by the floods of September 10.
Although the Faith is not recognized internationally, the executive also “confirmed” the holding on October 10 in Derna of an “international conference” on reconstruction, announced last Friday.
This “conference” will be “open to international companies,” the Eastern Government stated today, which initially requested the participation of the entire “international community.”
The rival government recognized by the UN and based in the capital, Tripoli (west), has so far ignored these announcements and has not confirmed the sending of representatives.
The Benghazi executive also did not specify how the new funds would be financed, but Parliament, also located in the east, has already allocated 1.9 billion euros to reconstruction projects.
Libya has been governed since the fall of Muammar Gaddafi by two rival administrations, one in the west led by Abdelhamid Dbeibah, and another in the east based on a parliament and supported by Marshal Khalifa Haftar.
“It is unlikely that countries will provide money to the East, because institutionally these authorities are not recognized internationally,” Jalel Harchaui, Libya specialist at the British Royal United Services Institute (RUSI), told AFP.
“In principle, the funds [internacionais] should go through Tripoli,” he added, to underline that the Dbeibah government intends to take advantage of the drama to unblock foreign assets and investments directed to Libya.
Valued at hundreds of thousands of dollars and managed by the Libyan Investment Authority (LIA) sovereign fund, these funds were frozen in 2011 by the UN to prevent possible diversions.
The floods, caused by Storm Daniel and aggravated by the collapse of two dams upstream of Derna, caused 3,893 deaths, according to the latest provisional balance reported on Tuesday by the eastern government.
Source: TSF
