Sungwon Corp will build 5,000 residential units for state-linked developer

A South Korean contractor has won a $1bn housing project in Libya. Sungwon Corp has won a preliminary order a housing project worth about $996m, the Tripoli Post reported.

The order from state-linked developer Libyan Investment and Development Company is to build 5,000 residential units in Tobruk in north east Libya.

In 2006 the Libyan government announced a $30bn (£18.5bn) programme to build 500,000 new homes up to 2010. The government has pledged to spend $50bn on public works, particularly housing and infrastructure, before 2012, and it has $100bn overall earmarked for infrastructure.