Established in 2006, the Libyan Investment Authority (LIA) is the sovereign wealth fund of Libya. The LIA is deeply embedded in the democratic structures of Libya and many of the leaders of the House of Representatives, Libya’s democratic government, are represented on the LIA’s Board of Trustees. Defined by Law No. 13 passed in 2010, its purpose is to create a diversified source of wealth for Libya’s future generations by investing internationally with a sustainable, long-term view. The LIA’s accountability is ultimately to the Libyan people. The mandate is to preserve, protect and grow assets and investments. The LIA aims to diversify national investment from a reliance on oil and gas production, and to invest abroad on the grounds of economic feasibility in diverse economic areas. While the vast majority of assets are held outside Libya, the LIA is also mandated to invest a small proportion of its investments in-country which it does through a local investment development fund. In managing the assets the LIA seeks to secure the future of the upcoming generations of Libyans, provide financial stability for real economic development and to enable citizens to have economic security and prosperity in the future.
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