Berjaya Land Bhd (BLand) has signed an agreement with Libya’s Economic and Social Development Fund (ESDF) and the OYIA Company for Development and Tourism Investment (OYIA) to develop an integrated golf resort-residential- commercial development in Libya.

The proposed project would be developed in phases over 852.5 acres in Tripoli, with infrastructure costs borne by the Libyan government. BLand, with a 60 per cent stake in the joint venture, would draw up the master plan with the assistance of the ESDF and OYIA, which would be submitted to relevant Libyan authorities for approval.

According to BLand, the total estimated development costs would be determined upon completion of the feasibility study of the master plan. It also expects to be funded from internally-generated funds and/or borrowings of the BLand group.