Independence and Transparency for Libyan Investments
Ahmed A. Kashadah, Managing Director of Libya Africa Investment Portfolio (LAP), talks about political independence and transparency of LAP.
According to Kashadah, LAP is totally independent now. "Previously LAP was involved in many politically motivated investments. We have reviewed everything in our portfolio, including the investments not only in Africa but also in Europe. We needed to make sure that all the investments were feasible and that they would generate returns either in the short term or the long term. We have been doing a lot of work evaluating all of these businesses and the business models that we have. We were able to identify the businesses that were based on political objectives and we decided to exit from these businesses if they were proven not to be feasible. However we did decide to continue with those investments started from political motives but found to be feasible, generating benefits and adding value for both nations, both Libya and the nation invested in. We make the harsh decision to exit from any other political investment that does not meet the objectives of LAP either by selling or liquidating, depending on each case," he says.
Libya Africa Investment Portfolio (LAP), established by the General People’s Committee Resolution 15 in 2006, dictates that the LAP is owned by the Libyan Investment Authority (LIA), which manages the vast majority of the nation’s oil reserves . LAP is run jointly by the Board of Trustees, chaired by the Prime Minister and LIA’s Board of Directors.
The Authority (LIA) seeks to expand investments outside Libya through this portfolio, diversify, and to achieve long-term returns that would develop the activities of the portfolio on different sectors and in various locations and investments degrees in the field of finance, tourism, telecommunications, oil and gas, agriculture and quarries.
Assets: US$ 5.3 billion