Malta, 19 March 2015
The Board of Directors of the Libyan Investment Authority (LIA) convened their first 2015 meeting in Malta early this week to discuss Libyan investments around the world.
The Libyan Investment Authority was established in August 2006 after the Libyan government decided to consolidate six extra-budgetary funds financed by its oil revenues under one sovereign wealth fund. The value of the investment fund is estimated by the LIA at US$ 67 billion.
The LIA states that its main aim is to diversify public revenue away from natural resources, attain prime financial returns on investments to support the Libyan treasury and future generations. The LIA was made responsible for the following organizations:
The Long-Term Investment Portfolio, the Libyan African Investment Portfolio, the Libyan Arab Foreign Investment Co., and the Libyan Local Investment & Development Fund.
Hassan Bouhadi, Chairman of the Libyan Investment Authority, said that the “LIA is a sovereign fund that is managed for all Libyans and for the next generations and is not party to any political or regional discussions”.
”Through LIA’s Malta office”, he added ”we have been able to follow up litigations against some international institutions that mismanaged some of LIA’s funds and to go after institutions that attempted to nationalise LIA’s investments in Africa, taking advantage of the current crisis Libya is going through”.
Bouhadi stressed that the “LIA’s assets are protected and the Fund aims to develop these investments to establish economic prosperity for the Libyan people”. [/restrict]