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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Libyan sovereign fund exceeds $2 bln in first half of 2013

Posted on 02 September 2013

The Deputy Governor of the Central Bank of Libya announced the Libyan Investment Authority has made a profit of $2-2.25 billion in the first half of 2013. It was established as a sovereign fund aimed to develop excess revenues from oil sales. In 2010, the LIA valued it’s own investment portfolio at $64 billion.
It is also believed profits of around $10 billion is often “missed” due to poor management since it was founded in 2006. The Deputy Governor said Libya needs a sovereign fund at around $250 billion to ensure the country is not totally dependent on oil revenue. Libya currently relies on oil for 98% of its income………………………………………..Full Article: Source


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