Spain and Libya have reached a framework agreement that could see Spanish firms invest as much as $17 billion in Libya, the government said Tuesday.
The agreement was reached in talks Monday evening between Prime Minister Jose Luis Rodriguez Zapatero and Libyan leader Moammar Gadhafi, who is making his first official visit to Spain.
The deal, which still has to be fleshed out, could see Spanish firms invest $5b. in the Libyan energy sector, $2.9b. in defense and aeronautics and up to $10b. in a huge Libyan project to develop the country's infrastructure, Zapatero's office said in a statement. It did not explain why the figures were given in different currencies.
During the talks, Zapatero said Libya's process of seeking reconciliation with the West after decades of hostility is yielding benefits for both Libya and the European Union.