Egypt, Libya discuss beefing up investment opportunities

CAIRO – 29 April 2021: CEO of the General Authority for Investment and Free Zones Mohamed abdel Wahab, met with the Chairman of Libya Investment Authority and the Libyan Sovereign Wealth Fund to discuss investment opportunities in the two countries.

The Libyan Investment Authority is the sovereign wealth fund (SWF) of Libya. It is established on August 28, 2006 to manage the surplus of the Libyan oil. With assets surpassing $67 billion, the authority includes 550 investment companies operating in three continents.

The meeting comes in implementation of Prime Minister Moustafa Madbouli's directives to follow up the outcome of the Egyptian delegation's latest visit to Tripoli.

The visit was the first by an Egyptian premier to Libya in years and many cooperation agreements were signed during the visit.

The visit witnessed the signing of 11 documents to enhance bilateral cooperation between the two countries in different fields, including investment, technical training and capacity building.

Abdel Wahab said the meeting aims at exploring joint investment opportunities between the Libyan authority and Egyptian partners.The two sides agreed on some executive steps aiming at addressing any obstacle blocking flow of Libyan investments to Egypt.

Counselor Mohamed Abdel-Wahab said that the meeting is the first step to enhance cooperation between the two countries, as joint investment opportunities between the Libyan Investment Authority and Egyptian partners were discussed, and an agreement was made to implement joint Egyptian-Libyan investment projects in the targeted sectors.

Counselor Mohamed Abdel-Wahab updated the Libyan side with opportunities to increase the Libyan portfolio and investments in mega national projects in Egypt, including especially in the new administrative capital and the new city of El Alamein.

The number of companies that include Libyan contributions in Egypt is 1,165 companies, concentrated in agricultural, financial, services, real estate and tourism sectors.