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Libyan investment authority signs contract for implementation of development plan from 2020

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Tripoli, Libya, October 26 (Infosplusgabon)   -  The Libyan Investment Authority (LIA), a $70 billion Libyan sovereign wealth fund, Friday signed a contract to resume the project of a development plan, in partnership with international management consulting firm ‘Oliver Wyman’, aimed at restructuring the Fund to become more efficient and transparent.

 

 

Oliver Wyman operates in more than 60 cities and 29 countries around the world.

 

The project, which aims to improve LIA's operations, develop its administrative structures and strengthen its skills, is expected to be operational from January 2020, a statement issued here Saturday by the Fund said.

 

LIA Chairman of the Board and Executive Director Ali Mahmoud, Oliver Wyman's representative in London John Romeo, and Project Manager David Clarkson, signed the contract.

 

The project is one of the priorities of a strategic plan drawn up by the board of directors of the LIA to impose governance, transparency and institutional reform on the fund for future generations.

 

The LIA is a sovereign wealth fund founded in 2006 and managing at least $40 billion in assets from surplus oil revenues.

 

In 2011, the LIA was ranked 12th in the world by the Precinq consulting firm for assets of $70 billion, including $50 billion in financial assets and $20 billion in real estate and infrastructure assets.

 

FIN/INFOSPLUSGABON/KLN/GABON2019

 

 

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