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

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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.