The "Arap Spring" has turned into a "bitter winter" for Turkish contractors operating in North Africa and the Middle East.
The uprising in Arab countries, especially in Libya, has caused a threat to Turkish construction projects worth billions of U.S. dollars, a report of Turkish Contractors Association showed.
Only in Libya, where the uprising turned into a civil war, the size of Turkish projects is estimated at around $18 billion. Libyan government owes $1.6 billion in progress payments to Turkish companies. The amount of Turkish companies' cash in Libyan banks is around $100 million. In addition to it, Turkish construction firms left behind a massive equipment pool worth nearly $1 billion.
There were 139 Turkish construction companies operating in Libya and carrying out a total of 370 projects before the uprising which was sparked after peaceful protests against Muammar Gaddafi regime in February.
The report highlighted the need for alternative markets for Turkish companies and also underscored that efforts should be exerted to meet the need for "political risk insurance" as soon as possible.
The report said central Africa could be the priority for Turkish companies as an alternative market.
AAGüncelleme Tarihi: 31 Temmuz 2011, 13:34