The Libyan Investment Authority (LIA), a sovereign wealth fund valued at $70 billion, has revealed its expectation to receive United Nations approval by the end of 2024 to actively manage its assets for the first time in over a decade.
Ali Mahmoud Mohamed, the CEO of the LIA, stated in an interview with Reuters that the institution submitted an investment plan in March and anticipates Security Council approval by November or December.
Established in 2006, the LIA’s assets have been frozen by the UN since the events of 2011. The first part of its investment plan includes reinvesting funds accumulated during the freeze period.
The LIA owns diverse assets, including $29 billion in global real estate, $23 billion in deposits, $8 billion in stocks, and bonds worth $2 billion.
The institution plans to request additional approval for two other parts of its investment plan, one related to its stock portfolio and the other to domestic investments, including solar energy projects and increasing oil exports.
According to Reuters, the LIA has seen improvements in transparency, having issued audited financial statements in 2021 and aiming to publish annual figures starting next year. Its ranking in the sustainability and governance index rose from 98th in 2020 to 51st in 2024.
It’s worth noting that the UN Security Council committee indicated last year the progress made by the LIA in implementing its transformation strategy.