diff --git a/python.jam b/python.jam
index ae2caace7..d986ef910 100644
--- a/python.jam
+++ b/python.jam
@@ -26,7 +26,7 @@ if $(NT)
 {
     PYTHON_ROOT ?= c:/tools/python ;
     
-    PYTHON_LIB_PATH ?= $(PYTHON_ROOT)/libs $(PYTHON_ROOT)/PCBuild ;
+    PYTHON_LIB_PATH ?= $(PYTHON_ROOT)/Lib $(PYTHON_ROOT)/PCBuild ;
 
     # Locate Python libraries. In the case of MSVC the libraries are
     # found implicitly, and GCC/MINGW will use -lpython<version> to
diff --git a/v1/python.jam b/v1/python.jam
index ae2caace7..d986ef910 100644
--- a/v1/python.jam
+++ b/v1/python.jam
@@ -26,7 +26,7 @@ if $(NT)
 {
     PYTHON_ROOT ?= c:/tools/python ;
     
-    PYTHON_LIB_PATH ?= $(PYTHON_ROOT)/libs $(PYTHON_ROOT)/PCBuild ;
+    PYTHON_LIB_PATH ?= $(PYTHON_ROOT)/Lib $(PYTHON_ROOT)/PCBuild ;
 
     # Locate Python libraries. In the case of MSVC the libraries are
     # found implicitly, and GCC/MINGW will use -lpython<version> to