LIA to request the UN to release frozen funds for investment

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LIA to request the UN to release frozen funds for investment

August 15, 2020 - 13:14
Written by: SafaAlharathy

The head of the Libyan Investment Authority, Ali Mahmoud, has revealed that the LIA will forward a request to the United Nations to allow the investment of its frozen funds, after losing more than $4 billion USD, in potential returns in about ten years.

Talking to Reuters, Mahmoud called for avoiding negative interest rate fees, which have cost the institution about $ 23 million USD since 2011, according to his statements.

The LIA head has explained that they are an independent sovereign wealth fund owned by all Libyans, stressing that the LIA has remained distanced from the ongoing political dispute in the country.