The Tripoli based Libyan Prime Minister and Chairman of the Board of Trustees of the Libyan Investment Authority (LIA), Abd Alhamid Aldabaiba, affirmed that receiving the external audit report of the consolidated financial statements of the Long Term Investments Portfolio (LTP) represents a fundamental step towards enhancing the principles of transparency and governance and renewing international confidence in Libyan institutions.
The LTP describes itself as a key subsidiary of the LIA, focusing on diversifying Libya’s long-term investments across various sectors both domestically and internationally. It holds shares in a wide portfolio, including ABC Bank, Fiat, Juventus Football Club, Ola Energy (petrol stations), real estate investment, tourism and hospitality companies.
Accounts audited by E&Y
Aldabaiba’s comments came during his participation in a ceremony organised by the LIA, attended by a number of LIA and portfolio officials, representatives of the international audit firm Ernst & Young (EY), which supervised the audit of the portfolio’s financial statements over the past years, and several Libyan university professors from the University of Tripoli and Benghazi, among others, as well as a number of experts.
Institutional shift towards disclosure and financial discipline
In his speech during the opening session, the Prime Minister emphasised the importance of this unprecedented achievement, which reflects the LIA’s commitment to the internationally recognized standards for sovereign wealth funds and embodies the institutional shift towards disclosure and financial discipline.
Strengthens LIA’s standing and grants it renewed international confidence
Aldabaiba indicated that the inventory and valuation of the LIA’s assets according to fair market value, under the supervision of neutral international advisory bodies, represents a qualitative leap for the sovereign investment sector in Libya. The Prime Minister added that the recent reports of the UN Sanctions Committee clearly commended the level of compliance and transparency within the institution, which strengthens its standing and grants it renewed international confidence.
Call on LIA to invest more domestically
The Prime Minister also called on the LIA to play a greater developmental role by directing a portion of its investments domestically and contributing to stimulating the economy and creating job opportunities. He emphasized that the “return to life” phase requires effective institutions committed to the highest levels of discipline and accountability.
The ceremony included an open discussion with the EY team on audit and compliance mechanisms.
Establishing a culture of disclosure is key
The event concluded with the official delivery of the report, amid affirmations from all parties on the importance of strengthening the reform process and establishing a culture of disclosure as a key lever for restoring international confidence and promoting national development.
