Last week, Dr Ali Mahmoud and the LIA team had met with several key stakeholders including US Ambassador Bodde and the UK Foreign and Commonwealth Office (FCO) to secure alignment on the importance of the smart sanctions.
Dr Omar Nakou, of the Libya Mission to the UN, the Governor of the Central Bank of Bahrain, and ABC Bank representatives also engaged with the LIA in meetings held in Tunisia and Bahrain last week.
Since the appointment of the new Board in July 2017, the LIA has outlined a reform program and a supporting timetable to achieve the alleviation of the UN sanctions and enforcement of smart sanctions that will allow the LIA to mitigate its losses and reinvest its returns.
The LIA is currently conducting a full audit of its portfolio and relevant sanctions under the varied jurisdictions in which LIA’s asset are secured. This includes continual dialogue and advocacy with each relevant member state of United Nations.
Since March 2011 when the UN Sanctions were enforced on Libya, the investment authority has seen its assets depleting. Experts estimate that in 2014 alone, the LIA accumulated losses of $719 million. Dr Ali Mahmoud comments:
“For the future prosperity of Libya it is imperative that enforcing smart sanctions is seen a matter of urgency. It is within our responsibilities and mandate to help stimulate economic growth and development and enable the financial security and economic prosperity of all Libyan citizens.”