Libya has taken a number of steps to encourage investment in the country and it has done this through enacting numerous laws and regulations intended to improve the Libyan business climate and increase its attractiveness to investment. This effort has been modestly successful foreign companies are returning to do business and Libya has been able to draw substantial interest from foreign investors, particularly since the lifting of UN sanctions in 2003.
Libyan Investment Authority
Libyan Investment Authority (LIA) was established in 2006 and defined by law No (13) of 2010, as a sovereign fund with a goal of developing and maximizing state revenue surpluses to achieve three purposes that is;
- Create a diversified source of wealth for Libya’s future generations by investing internationally with a sustainable long-term view
- Stimulate Libya’s economy through major, transformational private sector projects, engaging international expertise through joint ventures and knowledge transfer.
- Provide stability against volatile oil revenues and government budget shortfalls
Libyan Petroleum Law no. 25 of 1955
Divided concession areas into small exploration sections not exceeding 75,000 square kilometres
Investment Climate in Libya has been summarized to include the following
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