TRIPOLI, March 20 (Xinhua) -- Libya has difficulty in resuming stalled projects and delivering compensations in the aftermath of the February 2011 political upheaval that toppled former leader Muammar Gaddafi.
Hassal al-Taker, vice chairman of the Steering Committee of the Libyan Investment Promotion Authority, has told Xinhua there are difficulties in re-activating such projects as Abc Na project, the Pearl Project of the Development Fund, and the Haiti Project due to local banks' reluctance to provide loans and a lack of security guarantee and default on compensations.
Egad Iura, general manager of the global development of the Libyan Real Estate Investment, told Xinhua that his company has met certain hinderance in administrative procedures, such as the cessation of real estate registration and ownership transfers.
Ramal Souls, manager of investment management at the General Authority for Investment Promotion and Privatization Affairs, also told Xinhua some uncompleted projects remained stalled as some were damaged in the revolt or being occupied by battalions or rebels.
The good news is efforts are under way to solve the issues. Hassal al-Taker said a solution has been reached on compensating Turkish companies and businessmen.