Libyan Investment Authority eyes new investments with large cash pile

Abdulhafid Zlitni

Reuters states, “Libya’s sovereign wealth fund controls assets of more than $65 billion but has only up to 23 percent of its available cash funneled into investments, the fund’s chairman said on Thursday.

The Libyan Investment Authority is one of several highly secretive investment funds owned by national governments that have become increasingly active in buying up Western assets, flush with cash from high oil prices in previous years.

The Libyan fund had a positive albeit small return on investment in 2008, after enjoying roughly a 15 percent return on investment in 2007, said Chairman Abdulhafid Zlitni.

‘We’re very liquid,’ Zlitni, who is also Libya’s planning minister, told reporters at a dinner in Rome in his honour that attracted the top brass of Italian business including Mediobanca Chairman Cesare Geronzi and UniCredit CEO Alessandro Profumo.

‘And when you have cash now, you’re king.'”

read more: Reuters

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