IsDB’s First Project Approved
AllAfrica
IsDB took its first step towards the reconstruction of areas destroyed by conflicts. The first session of the second day of meetings started with Lybia’s project to an alternative joint arab transportation, with a loan of US$ 4,250,000,000.00 to Algeria and Lybia.
The proposal consists on a gas pipeline from Wafa to Mellitah that could also, potentially, be used as a connection on trading matter with other Mediterranean countries. The project’s goal is to increase employment, and therefore promote economic growth in North Africa and Middle East. The fund would come from Saudi Arabia, Libya, Egypt, Algeria, Turkey, Pakistan and the bank — Saudi Arabia being the biggest investor besides the bank.
Lybia also presented some conditions to the project. The parts that have contributed with financial funds would have proportional to its contribution, Algeria and Libya would compromise to achieve peace in the region, hold the right to common stocks and provide security measures throughout the extension of the pipelines. At last, Libya would compromise to run general elections on December 10th, 2018.
The majority of the committee approved the project, although the United Arab Emirates was against it. Its delegates believe Lybia’s democracy is questionable, and therefore they should not negotiate with the country. The UAE opinion was not enough to dismantle the proposal, and the IsDB has now approved its first project.
