Libya signed a strategic partnership on Sunday with international firms to expand and develop the Misurata Free Zone, attracting an estimated $2.7 billion in investment, Prime Minister Abdulhamid Dbeibah said, Reuters reported.
The agreements are expected to help the project generate operating revenues of around $500 million annually.
“This project not only enhances Libya’s position among the region’s largest ports in terms of size and capacity, but it also relies on direct foreign investment within a comprehensive international partnership,” Dbeibah said on X.
The Misurata Free Zone signed the deal with Port operator Terminal Investment Limited, which is expected to make MFZ’s port a competitive logistics hub linking Africa, Europe, and the Middle East.
Doha-based international infrastructure investor Maha Capital Partners (MCP) also joined the partnership, providing long-term capital and strategic oversight.
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Dbeibah said the partnership reflects the government’s commitment “to attracting productive external financing to stimulate the economy, modernize infrastructure, and transform state assets into platforms for sustainable returns.”
Libya’s economy depends heavily on oil, which accounts for more than 95% of its economic output.
Misurata, a port city around 200 kilometers (124 miles) east of the capital Tripoli, will see the project create 8,400 direct jobs and approximately 60,000 indirect roles.
The terminal’s capacity is expected to increase to 4 million containers annually, Dbeibah added. The port spans a vast area of 190 hectares, according to the free zone’s website.
The signing ceremony took place at the MFZ facility and was attended by Dbeibah, Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani, and Antonio Tajani, Italy’s deputy prime minister and foreign affairs minister.
“This partnership reflects Misurata’s determination to build modern, internationally competitive infrastructure that can unlock new industries, support local employment, and strengthen Libya’s position within regional and global supply chains,” said Muhsin Sigutri, chairman of the free zone.
Libya has faced instability since a NATO-backed uprising in 2011, leading to a split in 2014 between eastern and western factions, each governed by rival administrations.
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Image Credit: Middle East Online
