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Libya, sos of Italian companies

According to Deputy Foreign Minister Pistelli, there are over 100 Italian companies awaiting payment of historical credits, i.e. dating back to the 80s and 90s – “The issue of credits accrued by companies, mostly small and medium-sized, is more complex were operating in Libya when the revolution broke out”

Libya, sos of Italian companies

It is a dead-end tunnel in which, despite themselves, the Italian companies operating in Libya find themselves. For decades waiting not only for the settlement of the credits, but, due to a state of necessity, forced to continue operating in Libyan territory in order for their businesses to survive. And the very recent, latest attacks and acts of violence only complicate it further.

A situation from which it is not easy to get out and which drags on without serious prospects. It is the Deputy Minister of Foreign Affairs, Lapo Pistelli, who takes stock, answering a question presented to the Chamber.

As regards the so-called "historical" credits (from the 80s to the 90s), over 100 Italian companies are involved. In March of last year, a technical-legal agreement was reached which – on the basis of a previous report signed at the Farnesina in 2013 – defined the amount of the Libyan offer and the recipient creditors. 

The agreement was handed over to the Libyan Prime Minister's office for approval, subject however to the approval of the 2014 budget. The budget was then approved in June but sub judice by the central bank which advanced reservations on the sustainability of many financial forecasts. 

“It was a very small step away from the solution. Unfortunately, the crisis in Libya has only worsened - said Pistelli - and the country is going through a new and very delicate phase of instability". 

And if possible, "the issue of credits accrued by companies, mostly small and medium-sized, which operated in Libya when the revolution broke out is more complex", added the deputy foreign minister with reference to "recent credits", explaining that , despite the commitment of the Farnesina, "the internal Libyan difficulties – the succession of various governments, the budgetary problems and the latest violence – have so far prevented us from reaching a definitive solution". 

Apart from very few exceptions, with agreements reached on a case-by-case basis and concerning the largest companies. We must also add that "in 2014 the significant cuts made by the budget law risk complicating the picture", admitted Pistelli.

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