January 27, 2011 / 3:22 PM / 9 years ago

Libya sets up $24 bln fund for housing

RABAT, Jan 27 (Reuters) - Libya has set up a $24-billion fund for investment and local development that will focus on providing housing for its rapidly growing population, the online Oea newspaper reported on Thursday.

Quoting Industry and Trade Minister Mohammed Hweji, Oea said the setting up of the fund follows “decreases in custom and tax duties on food products and in prices of other staples”.

In rare unrest, coinciding with a popular revolt in neighbouring Tunisia, Libyan citizens earlier this month occupied hundreds of homes that were still under construction and ransacked the offices of foreign contractors who are building them. [ID:nLDE70G1B2] (Reporting by Souhail Karam; Maghreb newsroom; Editing by Louise Ireland)

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