Elmreisa Free Zone is considered one of the important projects that are used in improving the economy of Benghazi and Libya. It had accreditations and issued from:
- The Libyan ministry board accredited it by the resolution No. 744 for the year 2007.
- The agricultural feature has been removed by the resolution No. 34 for the year 2007.
- A technical description of 1200 hectares has been issued to Elmreisa free zone by the Urban Planning organization no. (7/5/1054) in 26/ 2007/7.
- The Real Estate Register of Benghazi has issued a land certificate numbered (28968) dated in 28 / 11 / 2005.
- The ministry of economy has issued a resolution no. 372 for the year 2013, concerning formalizing a statutory committee for Elmreisa free zone, to deal with preparing the plan for implementing of the free zone in the best possible manner with opening the door to competition to attract the local and foreign investments.
- Updating the feasibility study that was prepared by the Economical Research Centre in 2007, as well as its actions, regulations and determining the actual properties in the free zone.
In addition, the committee has finished its work and provided its final report in 30/12/2013.
The CEO of the directors’ board is the deputy of the ministry of economy, while the other members are a representative from each of the financial sector, investments & the public property, municipality and the LBC.
The CEO carried on his work after the general manager of the free zone assigned him in the position and after accrediting some regulations related to the establishment of companies, licensing and the investment register.
Furthermore, some entities has been assigned to invest, finance or participate with other investors in the free zone, they are (Libyan Fund of Investment, Tatweer Research, NOC, Social Security Fund and some other local banks).
The expected objectives of establishing the free zone are:
- Attracting the foreign investments as well as nationalizing the exporting industries.
- Creating job opportunities for all Libyans.
- Taking technology to a next step and acquiring new management skills.
- Creating connections with the local economy.