2024-08-05 13:40:39
The head of the Libyan Investment Authority, Ali Mahmoud, expects the United Nations to approve the management of the institution’s $70 billion assets by the end of this year, for the first time in more than a decade.
Ali told Reuters he was confident the council would give historic approval by November or December for the investment plan it presented last March.
The foundation’s plan, according to Ali, includes seeking to reinvest funds that accumulated during the freeze, such as payments from bond holdings.
The Foundation also plans to seek approval for two pillars of the investment plan – one covering its equity portfolio and the other relating to a domestic investment plan.
The institution noted that transparency has improved since it released its audited financial statements in 2021, covering 2019. It aims to publish 2020 figures in the coming months and submit them annually from next year.
The corporation aims to invest in solar energy and help increase oil exports, as Libya is one of the largest oil exporting countries in Africa.
According to Ali, the foundation’s assets are estimated at $70 billion, of which the fund owns $29 billion in global real estate, $23 billion in deposits invested in Europe and Bahrain, and $8 billion in shares spread across more than 300 companies around the world. It also has nearly $2 billion in outstanding bonds.
This year, the institution ranked 51st out of 100 sovereign funds, after ranking 98th in the 2020 Sustainability and Governance ranking by Global SWF, which specializes in industry data.
The Libyan Investment Authority, which was established in 2006, has been subject to a UN asset freeze since 2011.
Source: Reuters
2024-08-05 13:40:39