Monday, 02 September 2013 22:21
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.