The LIA works to protect and develop the value of Libya’s oil revenue reserves. Our focus is on our long-term strategic vision: to more efficiently manage Libya’s wealth for future generations, and effectively contribute to the sustainable development and diversification of income sources.
We mainly invest in foreign assets through well-regarded international investment managers. We maintain a diverse portfolio of high-quality investments globally to help secure the prosperity and stability of Libya’s economy, and to avoid overdependence on oil and gas production.
Yes. We understand the importance of maintaining a comprehensive overview of our portfolio, and we are committed to observing the highest standards of disclosure. We prepare our financial statements on an annual basis using best practice accounting principles that are considered appropriate to our unique situation, and in line with the International Financial Reporting Standards.
To improve our transparency and accountability, we are working with our international advisors to develop a set of regular management and investment reports.
The LIA is an active investor in Libya’s long-term recovery. We are working to rebuild the country for the benefit of all Libyans and future generations, by creating, preserving and growing the assets generated from Libyan resources wisely.
Our mission is to achieve stable, attractive and competitive commercial returns over the long-term, by investing prudently across a diverse set of industries and geographies. We will continue to play an active role over many years to improve the resilience of the Libyan economy, and enhance the wellbeing of all Libyan people.
We have made considerable progress and are finally starting to make inroads with the international community. We now have a clear and achievable strategy and system in place to ensure this continued progress.
There is still work to be done – it is very important that we continue the good work, and build on the positive momentum we have gained. We are firmly focused on safeguarding Libya’s assets, delivering our transformation strategy, and bringing the LIA in line with best-in-class sovereign wealth funds.
We have been working with our international advisors to better understand the impact of sanctions on the LIA’s global asset portfolio. As a result of the sanctions imposed in 2011, an independent report by Deloitte has assessed that there has been a significant negative impact on the value of the investments held by the LIA and our subsidiaries. For example, if sanctions had not been imposed and our equity assets had performed in line with the market, the total value of the portfolio would have been approximately $4.1 billion higher.
We are therefore working closely with the UN Security Council’s Sanctions Committee to find a solution to prevent further losses to the value of Libya’s frozen assets. This is part of the LIA’s ongoing efforts to protect Libya’s assets and improve the resilience of the Libyan economy, to ultimately enhance the wellbeing of the Libyan people and secure the future of generations to come.
The LIA is committed to implementing real change in the continuous pursuit of institutional excellence. Our immediate priority is to drive forward our comprehensive transformation strategy, to improve our governance, transparency and accountability.
We are working closely with international experts to implement positive reforms and bring the LIA in line with best-in-class sovereign wealth funds. Further to developing ways to pilot adjustments to our investment process, we are focused on building up our internal capabilities to effectively manage the assets we have been entrusted with.
Our investment approach is underpinned by a prudent risk management framework. We are consistently working with our investment teams, subsidiaries, operating companies and consultants to assess the impact of internal, external and environmental risk factors, so that we can develop strategies to mitigate any negative impacts – and ultimately, protect Libya’s assets for the long-term.
The LIA’s investment decisions are based on our economic objectives as set out in Law No. (13) and our obligations under the United Nations Security Council Resolution 1970 of 2011