The advisor to the Libyan Investment Authority, Louay Al-Qriw, stated exclusively to our source: “The UN Security Council’s decision allows the LIA to reinvest its financial assets abroad while keeping them frozen, in response to the Authority’s request to invest unutilized cash balances to preserve their value and avoid losses.”
He added: “The decision grants the right to invest unutilized cash either in deposits with banks chosen by the Authority or in bonds, provided they remain frozen. An investment plan containing five requests was submitted, two of which have been approved by the Security Council as an initial phase. The other requests will be resubmitted this year for further discussion.”
Al-Qriw emphasized: “All investment requests submitted by the LIA aim to reinvest the frozen, unutilized funds while keeping them frozen. The Authority has not requested the release of frozen funds but rather proposed a reinvestment plan to maintain their value.”
He further explained: “The assets targeted for investment under this decision amount to approximately $10 billion. These funds will be invested in deposits with foreign banks and government bonds. Additionally, the LIA’s investment policy requires dealing with banks that hold a credit rating of at least BBB.”
Al-Qriw also revealed: “The LIA has contracted with an international consulting firm based in Germany (& Strategy), the advisory arm of PricewaterhouseCoopers (PwC). This firm will support the Authority’s investment operations.”
In conclusion, the LIA announced a public tender for implementing a new investment system (Murex System), which will ensure the execution of all investment operations efficiently.
