Libya is in the process of giving Egypt US$2 billion to support its economy, the new Libyan ambassador to Cairo, Mohamed Fayez Gibril, told the Turkish news agency Anadolu. The money would be a deposit to the Central Bank of Egypt
The Libyan government has agreed to provide Egypt 1 million barrels of oil per month to be refined in Egypt, granting it a portion of them to provide much-needed diesel fuel.
Libya is also considering granting Egypt a share of Libyan reconstruction projects. Egypt’s Arab Contractors Company is competing for Libyan projects worth LE3 billion.
The news come after Egypt arrested Ahmed Qadhaf al-Dam, who had served as Egypt-Libya relations coordinator under former Libyan leader Muammar al-Qadhafi, and other iconic figures from the former Libyan regime.