News / Middle East

Libya Mulls Aid for Egypt, No Decision Yet

Libyan Prime Minister Ali Zeidan at the Arab League summit, Doha, March 26, 2013.
Libyan Prime Minister Ali Zeidan at the Arab League summit, Doha, March 26, 2013.
Reuters
— Libya is considering extending financial aid to Egypt to help its North African neighbor overcome a severe economic crisis, Libyan Prime Minister Ali Zaidan said on Wednesday.
 
Egypt, which has endured more than two years of political instability since the overthrow of President Hosni Mubarak in 2011, is struggling with sliding currency reserves, falling tourism and a soaring budget deficit.
 
OPEC-producer Libya is itself rebuilding after the overthrow of Moammar Gadhafi in 2011.
 
Several newspapers had reported this week that Libya will deposit $2 billion at Egypt's central bank to support the economy but Zaidan said nothing had been decided yet.
 
"It has been under consultation; this issue has not been decided yet," Zaidan told reporters in the Qatari capital Doha when asked about the reports. He declined further comment.
 
A Libyan central bank official also told Reuters that Tripoli with its sovereign wealth fund would continue to look for investment opportunities in Egypt.
 
"Libya owns stakes in three banks in Egypt and companies in various sectors," said the official, who declined to be identified. "We will invest whenever these companies need liquidity, debt repayments and capital for operation."
 
"Our investments in Egypt are very strategic and we will do what's needed to support that," he added. "Egypt's security and stability are as important to us as our own."
 
Earlier, Libya said it would provide Egypt with the equivalent of one million barrels of crude per month at world prices to support the economy, according to Libya's state news agency.

You May Like

China Investigates Former Powerful Security Chief

Former security chief and member of Politburo Standing Committee, Zhou Yongkang, under investigation for suspected 'serious disciplinary violation' More

India, US Look to Reset Ties During Kerry Visit

This week's talks will be first high level interaction between two countries since Prime Minister Narendra Modi took charge More

Video Young African Leadership Program Renamed to Honor Mandela

YALI program, launched by President Obama in 2010, aims to build skills in business, entrepreneurship, public management and civic leadership More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid