Tripoli based Libyan Prime Minister Abdel Hamid Aldabaiba participated yesterday in the National Dialogue on “The Role of the Banking Sector in Revitalizing Housing and Urban Development Projects”, organized by the Ministry of Housing and Reconstruction.
The event was attended by the Governor of the Central Bank of Libya, Naji Issa, several heads and directors of banks and financial institutions, as well as investors, real estate developers, and experts in the sector.
Requires shift from piecemeal solutions to a comprehensive, long-term national policy
In his address, the Prime Minister emphasized that housing in Libya is no longer a traditional service-oriented issue but has become an economic and social concern that directly impacts the stability of Libyan families. He stressed that the current phase requires a shift from piecemeal solutions to a comprehensive, long-term national policy.
Aldabaiba explained that the government is working towards building an integrated housing and real estate finance system based on a partnership between the state, banks, and the private sector. This system aims to address the housing shortage and expand homeownership opportunities through a national programme targeting the construction of 150,000 housing units in its first phase, alongside the development of a more stable and efficient real estate finance environment.
During the dialogue section of the forum, Minister of Housing and Construction Essam Al-Tamouni presented an overview of the ministry's work in housing and construction policies, and its action plan for the coming period. This included developing the regulatory and planning frameworks for the sector and strengthening the state's role in guiding urban development.
Developing the Libyan Building Code
The minister also noted that the ministry is currently working on the "Libyan Building Code," which aims to unify technical and engineering standards for construction across Libyan cities. This will ensure quality implementation, improve the efficiency of urban development projects, and contribute to enhancing urban sustainability and regulating urban growth.
Libya’s housing deficit
The dialogue section comprised three main sessions. The first session focused on the housing situation in Libya, reviewing the housing deficit according to geographical distribution. The deficit was found to be 315,000 units (45%) in Greater Tripoli, 175,000 units (25%) in Greater Benghazi, 84,000 units (12%) in the Central Region, 70,000 units (10%) in the Southern Region, and 56,000 units (8%) in other regions.
The second session discussed the real estate financing file and the role of banks in supporting the real estate market, with a focus on the challenges related to long-term financing and the required guarantees.
The third session examined the reality of the real estate investor between risks and opportunities, and ways to enhance the investment environment in the sector.
CBL
During his address to the forum, the Governor of the Central Bank of Libya, Naji Issa, emphasized that the bank views real estate financing as a key driver of economic growth, given its role in revitalizing the construction sector, creating job opportunities, and improving the quality of life for citizens.
Real estate financing system requires integrated public and private sector roles
He pointed out that developing the real estate financing system requires integrated roles among legislative, executive, and regulatory bodies, banks and financial institutions, and the private sector.
The Governor of the Central Bank of Libya praised the efforts of the Ministry of Housing and Reconstruction in organizing this dialogue, stressing that its outcomes will contribute to developing practical and implementable recommendations that support reconstruction efforts and achieve sustainable economic and urban development in Libya.
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