The newly GNA-appointed Board of Trustees for the Libyan Investment Authority (LIA) has been officially announced following its first meeting that took place in Libya’s capital on Saturday.
According to a statement issued on their behalf, the Board of Trustees "is the highest governing body of the LIA which is mandated to preserve and protect Libya’s sole Sovereign Wealth Fund for the benefit of Libya and its future generations."
The meeting, attended by PM Serraj; the Ministers for Finance, Planning, Economy & Industry; and the Governor of the Central Bank of Libya (CBL), was the official first convening of the Board. During the meeting, the Board appointed the LIA's official Board of Directors, made up of the body's LIA Interim Steering Committee, which were put in place following a decision issued yesterday.
PM Serraj said:
"This is a positive step that reaffirms the LIA as the authoritative and rightful body mandated by the Presidential Council and the GNA, thus endorsed and supported by the United Nations and the International Community.
"It provides a pivotal requirement as per the legal framework, Law no. 13, from which the LIA can now continue its crucial work as one institution, delivering capital for Libya's future generations, and working closely with its subsidiaries to build Libya's infrastructure and development within vital areas including health, education, and economic diversification."
The official statement continues:
"Under the new legal framework, the Board of Directors will have the full authority to deliver the strategic, operational and legal vision of the LIA, by building an institution that is transparent, accountable and neutral, in accordance with the decree and the Santiago Principles, and acting for the future of Libya and its citizens.
"The Board of Directors appointments have been made by the Board of Trustees following a series of positive, constructive and future-facing initiatives driven by them in their roles as the Interim Steering Committee over the past eight months, led by Chairman of the committee, Dr. Ali Hassan. Hassan now assumes the role of Executive Director of the Board."