The High Representative of the European Union for Foreign Security Policy, Josep Borrell, stated that the cost of Libya’s reconstruction will require investments of at least 100 billion dollars, adding that the country possesses enormous natural resources from oil exports, but also a sovereign wealth fund in excess of 60 billion dollars, according to the Italian Nova news agency.

Nova quoted Borrell as saying that, according to international reports, the total expected value of the region’s profits, due to peace in Libya should amount to more than 160 billion dollars over the period of 2021-2025, with an expected decrease in unemployment of approximately 6% in Tunisia, 9% in Egypt and 14% in Sudan.

In the same context, Borrell stressed that peace and stability in Libya will be, by far, reflected on the issue of illegal immigration, pointing out that Libya originally hosted approximately 2.5 million foreign workers prior to the revolution and according to estimates, three million labourers will be required in the coming years for Libya’s reconstruction.