Cairo: Egyptian companies have successfully executed reconstruction projects in Libya valued at over $5 billion, as revealed by Ahmed El-Wakeel, Chairman of the Federation of Egyptian Chambers of Commerce. The announcement was made during the Egypt-Libya Business Forum held on Saturday, highlighting the robust economic cooperation between the two nations.

According to State Information Service Egypt, Egyptian exports to Libya have surged, surpassing $2 billion. This significant growth positions Egypt as Libya's top African trade partner and the third-largest Arab exporter, following Saudi Arabia and the United Arab Emirates. Despite this success in exports, El-Wakeel expressed concern over the decline in Libyan investments in Egypt, which have decreased by 25%, currently involving only 511 companies.

The Libyan firms have a registered capital of $4 billion, yet actual investments amount to just $2.4 billion. In contrast, Egyptian investments in Libya have exceeded $2.5 billion, marking the first time they have surpassed Libyan investments in Egypt. This reflects a shift in the investment landscape between the two countries.

Earlier this month, Libya's Fund for Development and Reconstruction signed two significant contracts with Egyptian companies to carry out essential development projects across several Libyan cities. These efforts are part of the broader reconstruction initiatives in cities like Derna and Al-Bayda, which suffered extensive damage due to Cyclone Daniel in September 2023.