Archive | Investment

CBL Devalues Libyan Dinar

By John Lee. The Central Bank of Libya (CBL) has devalued the Libyan dinar. At its first meeting for 2020, the bank's board of directors unanimously agreed to a new exchange rate of 4.48 dinars to the US dollar. The new rate will come into effect from 3rd January 2021. The previous official exchange rate […]

LIA says Sanctions have cost it $4.1bn

By John Lee. The Libyan Investment Authority (LIA) has said that the value of its portfolio would have been approximately $4.1 billion higher if sanctions had not been imposed and its equity assets had performed in line with the market. It says this analysis follows a recent independent report compiled by Deloitte, which assessed that […]

Entrepreneurs from Sebha Receive Grants, Create Jobs

Six entrepreneurs from Sebha receive grants to develop their businesses and create 45 jobs As part of the United Nations Development Programme's (UNDP) "Strengthening Local Capacities for Resilience and Recovery" (SLCRR) project funded by the European Union (EU), six entrepreneurs and small business owners based in Sebha have been awarded grants of up to US$40,000 […]

Compliance Risk: The Libyan Investment Authority Story

By Brian Monroe, for the Association of Certified Financial Crime Specialists. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Libya Business News. Sovereign Wealth Funds and Compliance Risk - The Libyan Investment Authority story A telling, if extreme, example of how a SWF can go from […]

NOC and LIA discuss Cooperation

By John Lee. On Sunday, December 6, 2020, the Chairman of the National Oil Corporation (NOC), Mustafa Sanalla, met with Dr. Ali Hassan Mahmoud, Chairman of the Libyan Investment Authority (LIA), in the presence of some of the advisors, legal professionals and specialists in the relevant departments of both parties. During the meeting, several topics […]

US companies' "Strong Desire" to help Rebuild Libya

Ambassador Norland's meeting with the American Chamber of Commerce in Libya The American Chamber of Commerce in Libya (AmCham Libya) hosted a virtual meeting with U.S. Ambassador to Libya Richard Norland and American companies on December 1 to exchange views regarding the evolving political process in Libya and prospects for improving the business climate for […]

Tawerghan Entrepreneurs get Grants to Rebuild Businesses

Ten entrepreneurs from Tawergha whose businesses were affected by conflict and COVID-19 participated in the Re-Start-Up marathon and received a total of 360,000 LYD (US$277,000) in grants to develop their businesses. The two-day marathon was organized by the United Nations Development Programme (UNDP) with funds from the Government of Japan, with the aim of helping […]

LIA approves 3-Year Extension of Chairman's Term

The Libyan Investment Authority (LIA) has announced that its Board of Trustees has approved the term extension of current Chairman Dr Ali Mahmoud Hassan Mohamed, and the Board of Directors for a further three years. During the meeting, the Board of Trustees also agreed to increase the size of the Board of Directors from five […]