Friday, September 24, 2021

Libya’s sovereign fund seeks easing of UN sanctions

Libya’s sovereign fund seeks easing of UN sanctions

LONDON – The Libyan Investment Authority, the country’s sovereign wealth fund, is making a renewed attempt to secure some easing of the UN-imposed sanctions on its assets, in order to launch domestic investments, Forbes reports.

LIA wants to be allowed to transfer money from one frozen bank account to another, to avoid being exposed to negative interest rates. It also wants to be allowed to reinvest funds from maturing bonds and to be allowed to make new investments with frozen cash.

The sovereign fund is reportedly planning to prepare a request for some sanctions to be eased, which will be sent through the Libyan government to the UN Security Council.