The partnership would enable the government to take stock of the country’s investments, recover the previously ill-acquired assets, renegotiate the terms of existing contracts, and reformulate its investment strategy, particularly in relation to the Sovereign Wealth Funds, with the aim of expanding the size, efficiency and productivity of their investments in Africa.
For its part, the Bank is already working with a number of Libyan institutions, notably the Libya Africa Investment Portfolio, and will explore areas of co-financing in Africa as well as helping Libya to diversify and enhance returns on its significant resources.
Thus, the note focuses uniquely on the Governance pillar comprising state institutional capacity building, enhancing service delivery, and creating an enabling environment for private sector development.
“Given the weak state of public institutions in Libya prior to the revolution, as well as the lack of human capital and expertise required for managing and leading these institutions following the revolution, the Bank will support capacity building across a range of institutional objectives including: leadership capacity development, budget management and planning, and strengthening the state’s resilience to fragility,” the Note reads.
(Source: African Development Bank)
