Home / Economy / The Libyan Investment Authority: We lost $ 4.1 billion as a result of the restrictions imposed, and we will demand that we be allowed to invest.

The Libyan Investment Authority: We lost $ 4.1 billion as a result of the restrictions imposed, and we will demand that we be allowed to invest.

The head of the Libyan Investment Corporation, Ali Mahmoud Hassan, said that the restrictions imposed on investment wasted about $ 4.1 billion in potential returns, stressing that he would ask the United Nations to allow him to invest in the Foundation’s funds.

Hassan added, in an interview with Reuters news agency, on Friday, that the international sanctions against the Corporation negatively affected it , indicating that the Corporation has billions in cash that is not invested, and it would be better to benefit from the market situation and investment at the present time.

Hassan explained that the Corporation also wants to avoid negative interest rate fees, which have cost it about $ 23 million since 2011, noting that the Libyan Investment Authority is an independent, sovereign wealth fund owned by all Libyans, and that the Government of National Accord supervises the institution through a board of trustees.

It is noteworthy that the Government of National Accord previously requested, on more than one occasion, the UN Security Council to agree to exclude the Libyan Investment Authority from the resolution to freeze Libyan funds issued in 2011.

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