On January 18, Libya plans to sign a strategic partnership with international companies to further develop the Misurata Free Zone. Prime Minister Abdulhamid Dbeibah announced this on X, expecting investments to total around $2.7 billion.

The agreements will involve collaborating with companies from Qatar, Italy, and Switzerland and aim to create operating revenues of about $500 million each year.

“This project will not only boost Libya’s status as one of the largest ports in the region by size and capacity but also depends on foreign investment through an extensive international partnership,” Dbeibah explained.

He added that this partnership demonstrates the government's dedication to attracting productive external funding to help stimulate the economy, upgrade infrastructure, and turn state assets into sustainable revenue sources.

Libya's economy is heavily dependent on oil, which makes up over 95% of its economic output.

Misurata is located about 200 kilometers (124 miles) east of Tripoli, the capital.

Dbeibah mentioned that the project is set to create 8,400 direct jobs and approximately 60,000 indirect jobs.

Additionally, the plan includes increasing the terminal's capacity to handle 4 million containers every year, Dbeibah added.

The port itself covers a large area of 190 hectares, according to the Free Zone website.

Since a NATO-backed uprising in 2011, Libya has faced ongoing instability, dividing the country into eastern and western factions, each with its own rival government.