Libya pledges support for Lanka’s development agenda

AssSri Lanka gets $ 500 m Libyan grant:

Assists Hambantota Airport, N- E infrastructure development:

Following President Mahinda Rajapaksa’s successful State visit to Libya from April 8 - 10, the Libyan Government will give US$ 500 million as a financial co-operation package for development projects in Sri Lanka.

The Libyan Government will also assist in granting development assistance for the Hambantota Airport, infrastructure development projects in the North and Eastern Provinces, development of highways, communications and tourism.

President Rajapaksa who is on a State visit to Libya is accompanied by a high level delegation including Foreign Minister Rohitha Bogollagama, Central Province Chief Minister Sarath Ekanayake, Presidential Advisor A.H.M. Azwer, Ambassador for Libya Ibrahim Ansar, Rear Admiral Tisara Samarasinghe of the Sri Lanka navy, General Chandrasiri of the Sri Lanka Army and senior officials. A 12-member business delegation is also accompanying the Presidential delegation.

The President was warmly received by the Revolutionary Leader of the Libyan Arab Gamahiriya, Muammar Al Gaddafi in his home town Serte.

Following a meeting with the officials, the two leaders had a one to one meeting.

On the first day of the visit President Rajapaksa and the Sri Lanka delegation were hosted to a banquet.

The Libyan Leader honoured President Rajapaksa by inviting him to another one to one farewell luncheon which was a special gesture accorded to the Sri Lankan President.

The Libyan Leader recalled his visit to Sri Lanka in 1976 to attend the Non-Aligned summit in Colombo and said he had pleasant memories of this visit.

President Rajapaksa in response mentioned that the people in Sri Lanka too still remember him and the President extended an invitation to the Libyan Leader to visit Sri Lanka on mutually convenient dates.

President Rajapaksa also informed the Libyan leader that Sri Lanka will be opening a Sri Lanka Embassy in Tripoli this year.

During the meetings, the two sides reviewed the strong relationship maintained by the two countries dating back many decades. While emphasizing that Sri Lanka is not a stranger to Libya, the Libyan side noted that the visits exchanged between the two countries specially over the last two to three years is a manifestation of the goodwill that exists between the two countries.

It was noted that after the establishment of diplomatic relations in 1972 the two countries had extraordinary links especially, in the field of agriculture and trade, with tea taking an important place.

The two Leaders identified three areas for greater cooperation in the economic sphere. Measures will be taken on expanding trade ties which would include exchange of visits, participation in trade fairs and exhibitions, and other promotional activities.It was noted that the Memorandum of Understanding signed between the Chambers of Commerce of Sri Lanka and Libya during the visit would give an impetus for greater collaboration between the two sides.

Secondly, Libya expressed interest in looking at investment opportunities in Sri Lanka. President Rajapaksa spoke of areas such as highways, housing, oil exploration, the hotel industry, development of ports and airports etc., as possible areas for investment.

The Libyan side requested Sri Lanka to submit a list of viable economic projects that are already in the pipeline for their consideration.

President Rajapaksa informed the Libyan side on the Treasury bonds being issued by the Central Bank of Sri Lanka which would be of interest to Libyan investors. Responding to this proposal Libya suggested that a representative may be sent to Libya to discuss details with the banking sector.

Thirdly, on the area of employment, the construction industry and the services sector were highlighted as areas where many opportunities exist.

It was stated that Libya needs around 2,000 doctors and para-medical staff and as a first step, Libya will send a delegation to discuss and agree on a structural arrangement to implement this scheme. On the subject of economic and trade promotion, the two Ministers agreed to work together to implement the initiatives and proposals agreed to during the visit.

The two Ministers signed two other MOUs on Political Consultations and on setting up a Joint Follow Up Committee for Co-operation between Libya and Sri Lanka. In addition, the Ceylon Chamber of Commerce and the Libyan Chamber of Commerce and Industry signed an MOU in the presence of the Sri Lanka Foreign Minister and on the Libyan side the Deputy Minister of Foreign Affairs and the Minister of Health.

After the signing of the MOUs a reception was held for the business sector followed by a Business Promotion meeting which was organized by the Sri Lanka side with the assistance of the Libyan Government that was hosted by President Rajapaksa.

Addressing the gathering, the Foreign Minister spoke of trade and investment opportunities in Sri Lanka and urged the businessmen to actively pursue links which would be mutually beneficial. Board of Investment Executive Director Duminda Ariyasinghe made a presentation on facilities extended by BOI to promote foreign direct investment into Sri Lanka.

President Rajapaksa and his delegation left Libya yesterday.

 Muammar Al-Gaddafi

* Born in 1942.

* Came to power in a revolution in 1969.

* Is the fourth lon-gest-serving Head of State currently in office and longest-serving Head of Government.

* Elected chairman of the 53-nation African Union In February 2009.