A Qatari fund and the ports arm of Mediterranean Shipping Co (MSC) have signed a $2.7bn deal to develop Libya’s Misrata port.

The project will increase the port’s handling capacity to 4m teu per year. Misrata, the country’s main non-oil terminal, handles almost two-thirds of the country’s container traffic.

The project brings together the Misrata Free Zone Authority (MFZ), the Qatari fund Maha Capital Partners and the port operator Terminal Investment Limited (TIL), part of the shipping giant MSC.

“This partnership reflects Misurata’s determination to build modern, internationally competitive infrastructure that can unlock new industries, support local employment, and strengthen Libya’s position within regional and global supply chains,” said Muhsin Sigutri, the free zone’s chairman.