Libya signed a partnership deal that involves Qatari, Italian and Swiss companies to expand and develop the Misrata Free Zone port terminal on the Mediterranean, the OPEC member said.

The deal aims to attract investments worth $2.7 billion, and is expected to generate around $600 million in annual operating revenue and create 8,400 jobs, the Tripoli-based government said. The expansion aims to increase the terminal’s capacity to 4 million containers annually.

Geneva-based MSC will be involved in the project, which will depend on foreign direct investment without adding extra burdens on Libya’s state budget, according to the government.

Misrata free zone, established in 2000, is home to Libya’s largest commercial port that controls 60% of the North African country’s non-oil trade. 

Libya’s Prime Minister Abdul Hamid Dbeibah attended the signing of the agreement along with his Qatari counterpart, Sheikh Mohammed bin Abdulrahman Al-Thani and Italian Deputy Prime Minister Antonio Tajani.