The Libyan Investment Authority (LIA) is the sovereign wealth fund (SWF) of Libya. It is established on 28 August 2006 to manage the surplus of the Libyan oil revenues. This is to be accomplished through investing this surplus in a diversified portfolio of domestic and international investments in various fields such as areas of agriculture, real estate, oil and gas and other prospective financial derivatives. The aim is to protect and develop the value of Libya’s oil revenue reserves, as well as to diversify the resources of the Libyan national income away from the dependence on these reserves.
To achieve its mandate, LIA has been given independence and full responsibility to oversee the funds, portfolios and investment companies that were in the past under the various entities of the Libyan National Government. The purpose is to facilitate for LIA to effectively manage these funds by taking proper and sound investment and financial decisions to invest such funds on the local and international levels.
With assets surpassing $67 billion, LIA has intended to establish itself as a sustainable entity based on the internationally applied best practices. while supervising its subsidiaries’ investment funds that are also founded on robust professional bases.
Since its launch of operations in mid-2007, LIA has endeavoured effectively to develop all its work aspects to support the preparation and launching of the newly established sovereign fund.
Currently, LIA is working on improving multiple aspects conducive to success, including the best organization structuring, the best model of governance, all in addition to various policies and measures with the view to enhance the Fund performance and to sustain smoothly its operation.
To achieve this target, LIA undertook to establish these various initiatives and the commencement of implementation of a strategic plan that reinforces the main objectives thereof, whereby LIA targeted all legal, governance and operational aspects with reforms. In order to realize that, an executive program and steps to bring about these reforms were put in place.
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