The value of Libyan sovereign wealth fund assets frozen by sanctions overseas fell by more than $1 billion last year, according to an annual report by Libya’s Audit Bureau published this week.
The report found that the total value of assets held by the Libyan Investment Authority (LIA) decreased to $38.88 billion in 2022, down from $39.68 billion in 2021.
Established in 2006 to invest the country’s oil revenue abroad, the LIA has seen its operations disrupted and assets blocked under UN sanctions and litigation worldwide since the 2011 Libyan revolution.
According to auditors, the fund has remained unable to make investment decisions or actively manage its extensive portfolio of bonds and holdings while frozen.