Nairobi, Kenya - Libya is seeking to invest US$8billion in Africa's most profitable ventures, mainly in the oil, gas, air transport, tourism and the construction of oil refineries, among others, to help spur Africa's economic development, officials said.

Libya Africa Portfolio Fund for Investment (LAP) President Bashir Saleh said in Nairobi on Tuesday the Libyan government agency was looking to expand its operations within the African continent in its efforts to create viable economic opportunities.

"Our strategy is to invest in African countries. We have become a major investor in Africa. We believe in added value for raw materials in Africa," the Libyan official said.

LAP, which recently acquired the Grand Regency Hotel in Kenya for US$45 million, said it was ready to face investigators over its bid for the hotel and insisted that it acquired the property in a clean and transparent transaction which met all requirements.

Speaking just hours after a panel of investigators, led by a former Kenyan chief justice, Majid Cockar, held its inaugural sitting to investigate the sale of the hotel, Saleh said the transaction was carried out in an environment devoid of political interference.

"We bought the hotel in a transparent transaction. We paid US$45million for the hotel in May, 2008. It was a business wise transaction, not political in any way, ours is to ensure that Africa is on course to development," the Libyan official said.

Bashir, a high-ranking Libyan official and Libyan leader Muammar Kadaffi's Chief of staff, arrived in Nairobi to present a special message to the Kenyan President Mwai Kibaki.

The official told journalists their meeting focused on issues of mutual concern.

The Libyan firm has been under intense scrutiny from the Kenyan media and independent experts, who have been questioning the transfer of the five-star hotel to the firm in a transaction which remained a secret until a month after it was concluded.

Kenya's Finance Minister Amos Kimunya was forced to resign in July after he was implicated in the sale of the hotel.

However, Kenyan Prime Minister Raila Odinga assured the Libyan investors that even tough the adverse publicity had been detrimental to the relations between Kenya and Libya, the Kenyan government was still open for more Libyan investments.

Libya is seeking to invest in major oil and gas projects in the East African region.

The LAP has recently acquired the operations of Mobil Kenya, one of the leading oil marketing firms and transformed it into a leading market player.

The officials said their intention was to invest in projects that offer both Kenya and Libya a win-win result, provided 'money can be accumulated' from the investments.

LAP also plans investments in the ailing oil refinery in Kenya and has also expressed interest in becoming a major shareholder in the Kenya-Uganda oil pipeline.

"We already have 30 hotels in Africa. My mission is to develop Africa. This money we are investing here will not go back to Libya. It will remain within the various economies," he added.