A delegation from the Libyan Government of National Unity, currently visiting Washington D.C. this week, has discussed potential cooperation with officials from the Multilateral Investment Guarantee Agency (MIGA).
During a meeting held on Monday in Washington, D.C., on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, discussions centered on opportunities to enhance Libya’s investment climate and potential guarantees for foreign capital.
According to a statement released by the government’s website, the meetings between the Libyan delegation and MIGA focused on protecting investments from non-commercial risks, including the risks of asset nationalization, non-transfer of profits, and breaches of contracts concluded between investors and the Libyan state.
The statement further indicated that the Libyan delegation presented a range of potential investment opportunities, particularly in the transportation, infrastructure, and renewable energy sectors, highlighting the potential for long-term investment. The Libyan side also provided assurances regarding guarantee procedures and the simplification of the business environment in accordance with existing laws and regulations.
The MIGA team conveyed to the Libyan delegation its readiness to dispatch a mission to Libya for a first-hand assessment of the proposed projects and the possibility of including some of them in its 2025 work plan. Simultaneously, the Libyan delegation requested Libya’s inclusion in the World Bank Group’s “Business Ready” report.
The Libyan delegation comprised Khaled al-Mabrouk, Minister of Finance in the GNU; Mustafa al-Manea, Head of the Prime Minister’s Initiatives and Strategic Projects Executive Team; Suhail Boushiha, Undersecretary of the Ministry of Economy and Trade; Mustafa Kashada, Director of the Financial Institutions Department at the Ministry of Finance; and Khalifa Abdel-Sadeq, the assigned Minister of Oil and Gas.