 These reforms encouraged private investment in Libya's economy.In 2003, the oil industry was largely sold to private corporations, and by 2004, there was US$40 billion of direct foreign investment in Libya, a sixfold rise over 2003.Sectors of Libya's population reacted against these reforms with public demonstrations, and in March 2006, revolutionary hard-liners took control of the GPC cabinet; although scaling back the pace of the changes, they did not halt them.