Libyan Investment Authority seeks UN approval to manage USD70B worth of assets by year's end
(MENAFN) The Libyan Investment Authority (LIA), Libya's sovereign wealth fund, is optimistic about receiving United Nations approval by the end of this year, which would enable it to actively manage its USD70 billion in assets for the first time in over a decade. The LIA, established by Muammar Gaddafi in 2006 to oversee the nation’s oil wealth, has been under a UN asset freeze since the 2011 uprising that ousted Gaddafi. As Africa’s largest sovereign wealth fund, it requires clearance from the UN Security Council before it can make new investments or address losses in its accounts.
Mohammed, the chief executive of the LIA, is confident that the UN Security Council will approve the investment plan the authority submitted in March. He anticipates a decision will be made by November or December, expressing hope that the plan will be well-received. The initial phase of this four-part strategy is expected to involve straightforward actions, such as reinvesting funds accumulated during the asset freeze and handling bond payments.
The anticipated approval would mark a significant turning point for the LIA, allowing it to resume its investment activities and address financial challenges that have persisted due to the asset freeze. This development is crucial for optimizing the management of Libya’s substantial oil wealth and ensuring the effective utilization of the fund’s assets, which have been largely dormant due to international sanctions.
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