ODAC removed from list of Libyan entities subject to financial sanctions

Infrastructure law expert Rob Wilkins of Pinsent Masons, the law firm behind Out-Law.com, said that the news was a "positive step forward", both for the reconstruction of the country's infrastructure sector and its economy.

An EU Council regulation (4-page / 974KB PDF) lifting sanctions against ODAC was published in the Official Journal earlier this week. ODAC had its assets frozen on 10 August 2011 as an "entity acting on behalf of, or at the direction of, the Qadhafi Regime and a potential source of funding for the regime".

"The news sends an encouraging message to European businesses that are looking to take advantage of the many engineering and construction opportunities Libya has to offer, particularly for construction firms offering design, engineering, project management and consultancy services," Wilkins said.

"Libya's geographical proximity to Europe makes it an exciting place to do business. This, coupled with the democratic progress that the country is making, makes contracting with the ODAC a highly attractive prospect," he said.

Established in 1989, ODAC coordinates the engineering and construction of major infrastructure projects including administrative centres, residential complexes, community projects and university campuses.

According to the UK Treasury's updated list of financial sanctions currently in place in Libya, extensive asset freezes remain in place against Libyan companies and individuals. Affected entities include the Libyan Agricultural Bank, the Libyan Arab African Investment Company and the Libyan Holding Company for Development and Investment. Listed individuals include members of the Qadhafi family and officials under the old regime.