(Reuters) - Libya is using money from oil exports to pour aid and investment into its African neighbours, a policy which diplomats and analysts say gives it increasing political clout on the continent.
The following is a selection of the initiatives Libya has already put in place in Africa, as well as some of the projects it is planning.
GADDAFI'S PLEDGE
Libyan leader Muammar Gaddafi said earlier this year he was offering to invest $97 billion in the continent to free it from Western influence, on condition that African states rid themselves of corruption and nepotism. That sum is about the amount Libya holds in foreign currency reserves, according to official data. Libyan officials have given no further details about Gaddafi's offer.
SOVEREIGN WEALTH FUND
Libya has put $65 billion into sovereign wealth funds, including one which is specifically designed to make investments in Africa. The Libya Africa Investment Portfolio (LAP) was launched with $5 billion in capital, but it is not clear how much cash it holds now. LAP this year helped set up a London asset management firm, called FM Capital Partners. The head of the firm says it will invest about 40 percent of the Libyan assets it has under management in African projects.
Another of the fund's projects is LAP Green Networks, a mobile phone operator which says it has commercial operations in Niger, Ivory coast, Uganda and Rwanda and is planning to launch operations soon in Chad, Sierra Leone, Togo and southern Sudan.
No comments:
Post a Comment