The Libyan Investment Authority (LIA) said in a statement dated yesterday that it is looking forward to obtaining the approval of the UN Security Council (UNSC) Sanctions Committee on its short-term investment plan of Libya’s frozen assets. It had presented the plan in March this year.
The LIA said it aims through this plan to preserve the value of its frozen assets, avoid eroding them and ensure their continued employment in international markets – whilst remaining frozen within the UNSC Sanctions regime.
The LIA said this investment plan came after years of joint work with the Sanctions Committee aimed at avoiding the negative effect of having its assets frozen.
It aims to reinvest uninvested frozen funds, avoid negative interest on cash, and reinvest bonds whose investment period has expired. The plan also aims to preserve the value of shares traded in international markets and ensure full employment of funds invested in investment funds previously contracted by the institution.
The LIA said it is confident that the Security Council will support its efforts to preserve its assets and maximize their value for the benefit of the Libyan people.
