The Libyan Investment Authority (LIA) is expecting UN sign-off by the end of the year to actively manage its $70bn (about R1.3-trillion) in assets for the first time in more than a decade, its CEO told Reuters.
The LIA, set up under Muammar Gaddafi in 2006 to manage the country’s oil wealth, has been under a UN asset freeze since the 2011 revolution that toppled Gaddafi. This means that in order for Africa’s largest sovereign wealth fund to make new investments, or even move cash from negative interest rate accounts, where they have been losing money, the LIA needs UN Security Council sign-off...
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