Libya’s government authorities in the East and West have formally agreed to jointly support the billion-dollar development of what is expected to become one of North Africa’s most highly-automated and largest deep-sea ports near the city of Susah in Libya.
Due to be completed and become operational in 2022, the Port of Susah is expected to generate approximately US$60m in revenues, which are anticipated to double by the year 2040. This excludes additional revenues from handling general and bulk cargo, as well as those generated from the integrated logistics and freight facilities. Revenue estimates are based on the port being able to handle around 500,000 teu in the first year of operations.
Michael Guidry, founder and chief executive of The Guidry Group, which has been selected to develop the port, commented: “The pivotal goal of the Port of Susah is not only to spark an economic resurgence and additional investments from the international community, but to chart a new course for Libya and its people.”
The development includes regional cargo-handling facilities, a logistics centre, improved road networks, employment for Libyan workers as well as expansion of business opportunities elsewhere within the country.
There will also be significant investment in training facilities that includes simulators and virtual classrooms to ensure that a major source of personnel for the project is local.
This is the first-ever design-build-operate-transfer, public- and private-partnership infrastructure project in Libya. The Seaport Authority, the governing authority that manages all the ports in the East and the West, will coordinate development.
At the end of the long-term concession, the entire project will be transferred to Libya’s government.