( 4 minutes read)
· Libya and Egypt decided to expand their economic cooperation. As a sequel to this decision, Egypt’s General Authority for Investment and Free Zones CEO Mohamed abdel Wahab, met with the Chairman of Libya Investment Authority and the Libyan Sovereign Wealth Fund to identify areas of investment opportunities between the two countries
· Established in 2006, the Libyan Investment Authority is the sovereign wealth fund (SWF) of Libya and manages surplus of the Libyan oil
· The authority has under its ambit 550 investment companies operating in three continents. The Authority manages assets surpassing US$67 billion
Libya and Egypt decided to expand their economic cooperation. As a sequel to this decision, Egypt’s General Authority for Investment and Free Zones CEO Mohamed abdel Wahab, met with the Chairman of Libya Investment Authority and the Libyan Sovereign Wealth Fund to identify areas of investment opportunities between the two countries.
Established in 2006, the Libyan Investment Authority is the sovereign wealth fund (SWF) of Libya and manages surplus of the Libyan oil. The authority has under its ambit 550 investment companies operating in three continents. The Authority manages assets surpassing US$67 billion. A high powered delegation from Egypt has recently visited Tripoli to explore the possibilities of hand holding in furthering the interests of both countries in the trade and investment domains. During the Tripoli meeting led by Egypt’s prime minister, a number of cooperation agreements were signed. Amongst the 11 agreements signed during the visit included bilateral cooperation between the two countries in fields including investment, technical training and capacity building.
The two sides also agreed take some steps aimed at addressing obstacles that come in the way of flow of Libyan investments to Egypt. Libya has considerable business interests in Egypt-investments in 1165 Egyptian companies- having interests in agricultural, financial, services, real estate and tourism sectors. Egypt is also keen to attract Libyan investments in portfolio and investments in mega national projects including in the new administrative capital and the new city of El Alamein.
