The Libyan Investment Corporation announced the achievement of positive results in implementing its strategy during the third quarter of 2024, which aims to develop its business, sustain its investments, and adopt the best practices followed by leading sovereign funds.
According to a statement, the institution was able to achieve progress in all strategic axes, including developing investment, enhancing protection, improving governance, and increasing rates of disclosure and transparency.
The statement confirmed that the market value of the stock portfolio increased by 24.2% compared to the third quarter of 2023, recording a cumulative net profit of $3.77 billion since the beginning of the investment life.
The value of time deposits, according to the statement, amounted to $22.5 billion, achieving returns worth $880 million during the third quarter of 2024, with a growth rate of 20% compared to the same period in 2023. The value of the investment funds portfolio also increased by 2.9%, recording a total of $7.39 billion. American.
The statement said that the institution submitted its short-term investment plan to the Security Council Sanctions Committee, which included a review of the negative effects of the freeze on its assets, noting that it appointed an international consultant (Strategy &) to support the institution in implementing its strategic investment plan for the coming years.
The statement referred to the development of a group of real estate assets in partnership with real estate developers, where a group of hotels around the world were rehabilitated, developed and opened.
In terms of transparency, the statement pointed out that the consolidated financial statements for the year 2020 were completed in cooperation with Deloitte, and PricewaterhouseCoopers was contracted to prepare the consolidated financial statements for the years (2021-2022-2023), and Ernst & Young was also appointed. To conduct the audit of the financial statements, and the audit of the financial statements of the long-term investment portfolio for the year 2020 was completed.
The statement added that the institution has strengthened preventive measures to protect assets and investments, including confronting the measures taken by the Belgian authorities.
Source: Libyan Investment Corporation.