The chief executive of Libya's National Wealth Fund, Ali Mahmoud Mohamed, has expressed his expectation that the United Nations (UN) will approve before the end of the year the active management of its wealth for the first time in more than a decade. Banner of Muammar al-Gaddafi, former dictator of Libya – PHOTO/ARCHIVOThis freeze means that the fund, Africa's largest sovereign wealth fund, first needs UN Security Council approval to make new investments or transfer cash from accounts where it is incurring losses. In 2023, the Libyan sovereign wealth fund launched an international arbitration campaign against Belgium, seeking to lift the freeze on Libyan funds. Regarding the institution's assessment and assets, in the 2020 ranking by Global SWF, a provider of sovereign wealth fund data, the Libyan Investment Authority ranked 98 out of 100 in sustainability and governance, and this year it moved up to 51st. In short, the Libyan Investment Authority is at a key crossroads, awaiting UN approval to manage its assets after years of freezing.

Source: Libya Today August 06, 2024 15:33 UTC