Libya’s sovereign wealth fund head strategies to ask the United Nations to permit it to invest billions of dollars sitting idle in its accounts, after losing out on some $4.1 billion in possible equity returns throughout almost a years of sanctions, Reuters reports. The Libyan Investment Authority (LIA) was blacklisted in March 2011 since it was then managed by the household of fallen rulerMuammar Gaddafi Its properties were valued at $67 billion in 2012, however LIA strategies to upgrade that in October after an evaluation by its monetary consultant Deloitte. Sanctions have had a heavy toll on the LIA, with financial investment curbs implying it had actually lost out on around $4.1 billion in possible returns if it had actually purchased line with the marketplace average, chairman Ali Mahmoud Hassan Mohamed informed Reuters. The LIA likewise desired to prevent unfavorable rate of interest charges, which had actually cost it around $23 million given that 2011, he stated. “We have billions of cash in our accounts not invested,” Mohamed stated in an interview today.

Source: Libya Today August 15, 2020 12:33 UTC