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Established in 1989, ODAC coordinates the engineering and construction of major infrastructure projects including administrative centres, residential complexes, community projects and university campuses. ODAC had its assets frozen on 10 August 2011 as an “entity acting on behalf of, or at the direction of, the Gadhafi Regime and a potential source of funding for the regime”. An EU Council regulation lifting sanctions against ODAC was published in the Official Journal earlier this week.

The news sends an encouraging message to European businesses that are looking to take advantage of the many engineering and construction opportunities Libya has to offer.

According to the UK Treasury’s updated list of financial sanctions currently in place in Libya, extensive asset freezes remain in place against Libyan companies and individuals. Affected entities include the Libyan Agricultural Bank, the Libyan Arab African Investment Company and the Libyan Holding Company for Development and Investment. Listed individuals include members of the Qadhafi family and officials under the old regime.