The Libya Africa Investment Portfolio, part of Libya’s sovereign wealth fund holding entity, the Libyan Investment Authority (LIA), said that as part of its focus on internal investment, it seeks to establish, develop and pave the way for several projects.
Supporting the quality of life and local development
These include service and tourism projects that contribute to supporting the quality of life and local development. These include establishing a smart commercial service city and an integrated tourism project. In its statement, the LAIP did not give any further details about these projects.
Developing subsidiaries
LAIP said it seeks to develop some of its subsidiaries to provide services worthy of Libyan citizens. These include its Laptech ICT Services Company and the OiLibya (Ola Energy) subsidiary.
Strategic projects
The investment portfolio said it also aims to pave the way for Libya with strategic projects that support infrastructure and enhance internal and regional connectivity. These include the Libya Africa Transit Corridor Project and the Misrata Cement Factory Project.
Investment studies in renewable energies
Finally, LAIP said it is contributing to establishing a more sustainable future by focusing on investment studies in renewable energy projects.
LAIP struggling with its negative Qaddafi-era legacy
It will be recalled that the LAIP was established by the Qaddafi regime and was considered a vehicle for Qaddafi to extend his influence in Africa and on its elites and reward his personal cronies – rather than actually achieve a monetary return on investment.
The entity, like all Qaddafi-era entities, had no public accountability or transparency. There were no pressures on it to achieve profit on investment or participate in domestic development, job creation or training of university leavers or unemployed youth.
Tangible results will be the ultimate proof of success
However, today, LAIP is under new management and is operating with different dynamics and public pressures. It has begun to make all the right noises but ‘‘the proof of the pudding is in the eating’’ as Libya’s desperately undiversified, centralised, rentier economy watches closely for fast and tangible results.
It will be recalled that LAIP’s Ola Energy reported its audit 2024 accounts this July with increased profits on 2023.
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