The Libyan Investment Authority (LIA) has completed the first phase of the transformation project, which is one of the main paths of the institution’s approved strategies, a statement by the LIA said on Friday.
“The initial stage included the design and approval of an operating system that would ensure an effective operational process, while achieving transparency and internal control and governance, in compliance with the Generally Accepted Principles and Practices (the Santiago Principles),” the LIA explained.
The first phase of the project also developed an organizational structure to meet the set goals, besides a comprehensive package of financial and investment policies, as well as regulations and internal control systems that mimic the latest practices in global sovereign funds, according to the LIA.
It pointed out that the new measures have already enhanced its position in the Santiago Principles rating by scoring 20 points out of 24, after marking only 6 points out of 24 in mid-2019.
It expressed hope that the new strategy will support its objective to manage its global assets as effectively as possible, in line with the United Nations sanctions regime on Libya.