Libyan sovereign fund exceeds $2 billion in first half of 2013
Smiley face

facebook

Currency

facebook


Who's Online

We have 4745 guests online

Archive

Libyan sovereign fund exceeds $2 billion in first half of 2013

PDF | Print | E-mail

Share this post

DateViews
Total497
Mon. 281
Sat. 261
Thu. 243
Wed. 232

The Deputy Governor of the Central Bank of Libya announced the Libyan Investment Authority has made a profit of $2-2.25 billion in the first half of 2013.

It was established as a sovereign fund aimed to develop excess revenues from oil sales. In 2010, the LIA valued it’s own investment portfolio at $64 billion.

It is also believed profits of around $10 billion is often “missed” due to poor management since it was founded in 2006.

The Deputy Governor said Libya needs a sovereign fund at around $250 billion to ensure the country is not totally dependent on oil revenue. Libya currently relies on oil for 98% of its income.

(Libya.TV)