Libya plans 50-vessel fishing fleet and aquaculture
Two Libyan companies will sign a deal to finance and develop the nation's marine resources sector.
Libya's Al-Tijari Al-Watani Leasing Company and Libyan Distinguished Group Holding are preparing to sign a memorandum of intent to finance a national project for fishing fleet modernization and aquaculture development.
The partnership aims to build 50 modern fishing vessels and rehabilitate existing ones, alongside developing tuna fattening projects and local maritime industries. A representative stated the initiative seeks to transform maritime potential into productive ventures, creating jobs for Libyan youth and developing national talent.
The project requires scientific and economic studies, adherence to governance principles, and leveraging international best practices. The cooperation framework also aims to establish sustainable financing models with local and international banks.
Why it mattersThe initiative aims to build 50 modern fishing vessels and develop aquaculture projects to boost the national economy.