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Erdogan Signs With Libya For Loan Repayment Before 2011
Turkish PM has played a master stroke and found himself financial power as he struck a deal with the UN backed Tripoli government in Libya

Erdogan Signs With Libya For Loan Repayment Before 2011

Turkish PM has played a master stroke and found himself financial power as he struck a deal with the UN-backed Tripoli government in Libya, to repay him the money owned to Turkey before Libya entered civil war in 2011.

Undeniably, Recap Tayyip Erdogan has proven his mantle and strategy of entering Libya in the first place, as he starts to arm-twist the civil war-torn nation. It is confirmed that before the civil war broke out, from the 1970s, Turkish companies were heavily involved in lucrative infrastructure and construction projects in Libya. Soon, they saw a miserable decline and eventual collapse when dictator Muammar Qaddafi was removed in 2011 and the country descended into chaos.

While under the rule of Qaddafi, it was a kind of dictatorship, the country still have semblance of peace and a certain kind of governance. The country since 2011, has been trying to find its foothold and the legitimate government has not been able to get rid of the rebel faction on the east side of Libya.

Time is closing in to seal peace agreements, and Erdogan is ensuring he is the first one to secure the most lucrative business prospects in Libya. His areas of interest are essential, energy, housing, and the construction sector.

A friendly agreement between the Tripoli government in Libya and Turkey is said to be signed in February 2020. The exact amounts have still to be negotiated. However, they are thought to include a $1bn letter of guarantee, $500m in compensation for looted or damaged machinery and other equipment, and unpaid debts of $1.2bn.

Money is a welcome commodity Turkish economy that boasts of looking after 3 million Syrian refugees with less than expected funds coming in from the UN countries. However, the long term strategy is aimed at business links within Libya that make Mediterranean Sea control easier.

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