BOT is the way forward to complete Libya’s railway project | So Good News
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Built Operate and Transfer (BOT) is the realistic way forward for the completion of Libya’s railway project, said Khaled Abuzakouk of Libyan Railroads at Tuesday’s Tripoli workshop organized by Libyan Railroads under the banner “Importance of Railways for Sustainable Growth, Transit Trade and Economic Development”.
He said the contract and finance method is widely used around the world and has proven to be a successful way to complete projects. Abuzakouk stressed that Libya currently does not have the finances to complete its railway projects, let alone all the other projects it needs to complete.
He gave the UAE’s Jabal Ali Free Port project as a good example of the BOT formula for a major infrastructure project. He noted that the Jabal Ali project acted as a catalyst for the development of Dubai and the UAE.
The BOT formula will enable Libya to benefit from advanced international knowledge and experience and bypass Libya’s lack of finance. The method also ensures that the project ID is constructed and operated efficiently as foreign investors want to return their investment within a certain time scale.
The formula also bypasses the excessive reliance on the bureaucratic Libyan state system for the construction and operation period, including the government, the Audit Bureau and the Central Bank of Libya and its control over foreign currency issuance.
Abuzakouk gave Morocco as the most important example of the use of the BOT method. The railway system is the most advanced in Africa – all built through the BOT formula.
The BOT method is much better for the Libyan state than being stuck in a loan process with all its vagaries, he added.
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