Sub-Saharan Africa’s View on Libyan SWF Assets
The Libyan Investment Authority (LIA) had been one of the leading sovereign investors in companies in sub-Saharan Africa. Mr. Gaddafi invested large amounts of funds into various companies, hotel real estate, mining, and infrastructure.
Now that Gaddafi’s regime has been toppled, how are the recipient African countries dealing with the current situation?
Tanzania is currently refusing to recognize Libya’s National Transition Council (NTC).
Kenya is divided while Rwanda recognizes the NTC. With regards to Kenya, the Libyan Arab Foreign Investment Company (LAFICO), a subsidiary of the Libyan Investment Authority owns a number of companies in Kenya including Laico Regency Hotel and Oilibya. LAFICO owns 99% in Tropical Bank, 69% in Uganda Telcom Ltd, and a 49% stake in Uganda National Housing.
In fact, the Libyan Arab African Investment Company (LAAICO), which is another SWE of the LIA, invested in numerous African countries such as:
Gabon, Congo, Burkina Faso, Niger, Mali, Guinea, Chad, Uganda, Benin, Liberia, Ethiopia, Nigeria, Madagascar, Central Africa Republic, South Africa, Eritrea, Zimbabwe, Zambia, Rwanda, The Gambia, Ghana, Togo, Comoros, Democratic Republic of Congo.
In the past, there has been restructuring to put all the SWEs directly under the LIA.Tweet
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