Philosophy
Author: azara
LAIP hosts a roundtable on financing its projects in Libya through Islamic Sukuk
On Wednesday, 27 August 2025, the Libya Africa Investment Portfolio (LAIP) convened an extensive roundtable discussion on financing its development projects.
The meeting was attended by the Chairman of the Board, the General Manager, and the Fund’s department directors, alongside the Chairman of the Capital Market Authority and two of its senior directors. Also in attendance were a representative of the Islamic Development Bank, the Director of Investment at the Social Solidarity Fund, several financial experts, and delegates from other key financing institutions.
The roundtable featured an in-depth discussion on providing the necessary support for LAIP’s projects within Libya through the use of Islamic Sukuk (Islamic bonds or “Sharia-compliant” bonds) as a stable and secure financing instrument. The Sukuk will be issued via a Special Purpose Vehicle (SPV) established for this purpose.
At the conclusion of the discussion, it was agreed to form a working group composed of the relevant department heads of LAIP.
The group will directly initiate the practical procedures required to implement this financing mechanism, in line with the portfolio’s orientation to strengthen its domestic investments while maintaining its external role.
Libya–Africa Transit Corridors: High Committee Pushes Ahead with Implementation Plans
The Joint High Committee for the Libya–Africa Transit Corridors Project convened its seventh regular meeting on Wednesday, 27 August 2025, at its headquarters in Tripoli.
The meeting reviewed progress on decisions taken during the sixth session, including approval of the consulting office’s scope of work in preparation for issuing a request for proposals (RFP).
Members also discussed outcomes from the Committee’s joint meeting with the General Authority for Telecommunications and Informatics, held on 18 August 2025.
The session concluded with two key directives:
• Coordinating and completing a series of scheduled meetings with relevant government bodies to ensure full alignment in project implementation.
• Preparing a comprehensive report summarising the work of the two subcommittees tasked with data collection, drafting the consulting office’s scope, and recommending optimal routes for the two transit corridors in line with Cabinet Resolution No. 535 (2024). The report will be submitted to the Minister of Transport, along with supporting annexes, paving the way for the Committee to finalise the remaining action items in its approved plan.
The meeting is part of a series of regular sessions aimed at maintaining the project’s momentum.
The Transit Corridors initiative is being implemented under the supervision of the Ministry of Transport, with the active participation of multiple government agencies.
The High Committee acts as the central coordination body, ensuring effective planning and collaboration among all stakeholders.
Libya Africa Transit Corridors Committee approves scope of work in preparation for consultancy tender
On the morning of Monday, 28 July 2025, the sixth regular meeting of the Joint High Committee for the Libya Africa Transit Corridors Project was held at the headquarters of the Railway Project Implementation and Management Agency.
The meeting focused on following up on the recommendations issued during the previous session and reviewing updates from the sectoral subcommittees. Discussions covered data collection efforts, the development of the consultancy firm’s scope of work, and the presentation of the most appropriate proposals for the two corridor routes, in line with Cabinet Resolution No. 535 of 2024.
In this context, the committee reviewed the final report prepared by the First Subcommittee, which had been tasked with collecting data and drafting the scope of work document for the consultancy firm that will undertake the project’s economic feasibility study. Following discussion of the report’s contents and consideration of the comments received, the committee approved the report.
The committee also emphasised the importance of receiving the final report from the Second Subcommittee regarding the proposed routes, as a prerequisite for launching the tender process for specialised international consultancy firms to carry out the comprehensive economic feasibility study.
This meeting forms part of the committee’s ongoing oversight of the project, in line with the approved timeline. The Libya Africa Transit Corridors Project is regarded as a pivotal step towards enhancing internal and regional connectivity, positioning Libya as a logistics hub on the continent, and supporting trans-Saharan trade flows.
OLA Energy reports sustained financial growth for 2024
OLA Energy Holding has reported another year of strong financial performance, reflecting continued growth and operational resilience across its African markets.
The company’s Annual General Meeting was held on Sunday, 13 July 2025, during which shareholders reviewed and approved the audited financial statements for the fiscal year ending 31 December 2024. The meeting also included the presentation of the external auditor’s report and an overview of the company’s annual operations.
According to the financial results, OLA Energy achieved a net profit of €34.5 million in 2024 — up from €29.8 million in 2023 and €11.2 million in 2022. This consistent upward trend highlights the effectiveness of the company’s strategic direction and the impact of robust governance and operational efficiency.
Shareholders and members of the General Assembly commended the Board of Directors and executive leadership for their efforts in driving growth and maintaining financial discipline. They emphasised that the latest results reaffirm OLA Energy’s strong fundamentals and its commitment to expanding its footprint and capabilities across the continent.
OLA Energy, a wholly owned subsidiary of the Libya Africa Investment Portfolio (LAIP), operates in 17 African countries. Its expansive network includes more than 1,500 service stations, aviation refuelling services at 55 airports, and seven specialised plants producing high-performance lubricants and engine oils.
Looking ahead, OLA Energy remains focused on sustainable growth, innovation, and delivering long-term value to its stakeholders while supporting Africa’s evolving energy needs.
Technical Committee advances preparations for the Misurata Cement Plant Project
The Technical Committee responsible for implementing the Misurata Cement Plant Project convened its tenth meeting of 2025 on Tuesday, 8 July, at its headquarters in Tripoli.
The meeting focused on several critical agenda items aimed at maintaining momentum and ensuring the project adheres to its planned schedule. Key discussions included:
- Coordination with the National Oil Corporation (NOC) to secure the supply of gas and heavy fuel oil essential for plant operations.
- Engagement with the General Electricity Company to evaluate the feasibility of providing the required electrical power to the project site.
- Initiating the necessary procedures with the Ministry of Transport to facilitate the construction of a 10-kilometre paved access road to the plant.
- Finalising an agreement with the Industrial Research Centre to undertake an updated geological survey. This study will build on previous assessments and confirm the long-term availability of raw materials at the site—ensuring sustainable operations for up to fifty years.
The committee also reviewed a series of technical reports submitted by specialist sub-teams, which covered:
- Ongoing negotiations with several engineering consultancy firms, culminating in the selection of one to assess the current status of the plant’s engineering works.
- A thorough review and evaluation of the technical and financial terms of the previous contract with the Chinese firm Sinoma-Wuhan, alongside active negotiations to revise key clauses for the forthcoming agreement.
The outcomes of the meeting reflect the committee’s commitment to strategic oversight, informed decision-making, and stakeholder collaboration.
These efforts are part of a broader strategic initiative led by the Libya Africa Investment Portfolio (LAIP) and the Technical Committee to complete all preparatory measures, ensure the site is fully ready for the installation phase, and deliver the project in accordance with internationally recognised engineering standards and best practices.
High committee for Libya Africa transit corridors project convenes with Niger chargé d’affaires
The Joint High Committee for the Libya Africa Transit Corridors convened on Tuesday, 20 May 2025, with the Chargé d’Affaires of the Republic of Niger’s Embassy to Libya to discuss project cooperation.
Attendees comprised the committee head, who serves as Undersecretary of the Ministry of Transport for Land Transport Affairs, alongside the Director of Strategic Planning at the Libya Africa Investment Portfolio and the Director General of the Land Transport Authority. A representative from the International Cooperation Department at Libya’s Ministry of Foreign Affairs also participated.
The committee outlined the project’s components and strategic objectives, emphasising its intended economic and social impact across Libya, Niger, and the broader African continent through improved trans-Saharan trade and regional connectivity.
Niger’s Chargé d’Affaires responded positively to the proposal, noting Libya’s decision to route a strategic pathway through Niger.
Both parties agreed to develop a Memorandum of Understanding as an initial framework for bilateral cooperation on the project.
The Libya Africa Transit Corridors Project forms part of Libya’s strategy to strengthen regional connections with neighbouring African nations. Implementation plans feature two primary routes: Misurata-Tamanhint-Agadez (Niger) and Benghazi-Kufra-Sudan.
For more information about the Libya Africa Transit Corridors project, visit www.laptcorr.ly
Fourth Meeting of the High Committee for the Transit Corridors Project
The fourth meeting of the High Committee for the Libya Africa Transit Corridors Project (LAPTCorr) was held on Monday, 28 April 2025, at the committee’s headquarters in Tripoli.
The High Committee is entrusted with the responsibility of supervising and closely monitoring the Transit Routes Project, which includes two main routes: “Misurata – Tamanhant – Agadez (Niger)” and “Benghazi – Kufra – Sudan.”
During the meeting, the actions taken concerning the implementation of recommendations from the third meeting were reviewed as follows:
- Verifying the complete nomination of representatives from relevant entities for membership in the supporting technical subcommittees, and confirming they have begun their work, whilst providing the necessary resources to support the implementation of tasks within the specified timeframe.
- Reviewing and approving the project’s logo/branding and website, enhancing its institutional identity and supporting its media and official presence.
- Following up on arrangements made to strengthen communication with neighbouring countries to support the coordination of project-related efforts.
The meeting concluded at 14:00, with emphasis on the importance of continuing to implement tasks within the approved timeframe, completing the project implementation pathway, which represents a pivotal step towards strengthening African partnerships, supporting trans-Saharan trade movement, and establishing Libya’s position as a central logistics hub on the continent.
Misurata cement project takes next steps
The Technical Committee for implementing the Misurata Cement Factory project, formed under the Libya Africa Investment Portfolio Board of Directors’ Resolution No. (13) of 2024, held its eighth meeting of 2025 on Tuesday, 22nd April, at the committee’s headquarters in the Souq Al Jum’aa area in the capital, Tripoli.
The Misurata Cement Factory project aims to produce 2 million tonnes annually in its first phase, with production expected to reach 4 million tonnes annually in the second phase. The objective is to meet domestic market needs and export part of the production to foreign markets, based on economic feasibility studies prepared for the project.
The meeting discussed several items on the agenda, most notably the commissioning of the Industrial Research Centre, one of the national centres with expertise and specialisation in this field, to conduct a supplementary geological study related to raw materials discovered in the southern Misurata area where the factory is being established.
The committee also reviewed the scope of work required in cooperation with national engineering consultancy firms to evaluate the facilities and engineering works established at the factory site.
These studies and assessments fall within the framework of ongoing preparations for the anticipated meeting with the Chinese company (Sinoma-Wuhan) ahead of resuming negotiations and relaunching the project.
This meeting forms part of a series of discussions held by the committee and its technical subgroups as part of efforts to ensure the success of this strategic project, which is expected to contribute to strengthening the industrial sector and meeting the growing demand for cement in Libya.
Notably, the project had been suspended since 2012, and communication has recently resumed with the Chinese implementing company (Sinoma-Wuhan), whose Board Chairman visited the LAIP headquarters last September, followed by a technical delegation visit to meet with the project committee, with the aim of making the necessary arrangements to relaunch the work.
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