Tag: Board of Directors

The Board of Directors of the Libya Africa Investment Portfolio (LAIP) held its second meeting of 2026 on Wednesday, 24 June, at LAIP’s headquarters in Tripoli, reviewing a number of key files related to the performance, governance and future direction of the organisation and its subsidiaries.

During the meeting, the Board reviewed correspondence from the Libyan Investment Authority (LIA) relating to the launch of a comprehensive strategic assessment project aimed at reassessing all companies, portfolios and investment funds affiliated with the LIA across various countries around the world. The project is being undertaken in cooperation with one of the Big Four global audit and accounting firms.

The Board affirmed LAIP’s full support for the initiative and directed that its subsidiaries be asked to prepare integrated investment plans based on accurate and up-to-date financial data. It also stressed the need to prepare qualified internal teams capable of engaging effectively with the assessment process and helping ensure that the project achieves its intended objectives.

The Board noted that the initiative aligns with LAIP’s wider efforts to strengthen the periodic and systematic evaluation of its investments, improve oversight and support more effective decision-making across its portfolio.

The Board also approved amendments to LAIP’s operational and investment budgets, following a submission by the executive management in response to a request made by the Board at its first meeting of the year.

As part of its ongoing review of subsidiary performance, the Board considered a memorandum from the executive management concerning two non-operational companies affiliated with LAIP. It approved referring a proposal to liquidate the two companies and appoint liquidators to LAIP’s General Assembly, which is scheduled to meet in mid-July, for consideration and the necessary authorisation.

The move forms part of LAIP’s broader efforts to develop existing investments, pursue new opportunities and address challenged assets through appropriate mechanisms tailored to each case.

The meeting underscored the Board’s continued focus on strengthening LAIP’s performance, improving the efficiency of its investments, advancing its strategic objectives and reinforcing the principles of governance and sound management.

The Board of Directors of the Libya Africa Investment Portfolio (LAIP) convened its first meeting of 2026 on Sunday, 14 June 2026, at LAIP’s headquarters in Tripoli, chaired by Mustafa Abofanas, Chairman of the Board, following the reappointment of the Board members pursuant to Resolution No. (6) of 2026 issued by the Board of Directors of the Libya Investment Authority (LIA).

During the meeting, the Board reviewed a number of agenda items and discussed various matters relating to LAIP’s projects and activities, in addition to considering a range of organisational and administrative matters.

Turning to the Misurata Cement Plant Project, the Board reviewed the report prepared by the project’s technical committee and instructed LAIP’s Executive Management to prepare a study for the establishment of a public joint-stock cement manufacturing company. The proposed company will be responsible for contracting, overseeing the implementation of the project, and managing and operating the plant.

The Board also reaffirmed its full support for the Libya Africa Transit Corridor Project, recognising it as one of LAIP’s strategic initiatives. The Executive Management was tasked with preparing a study for the establishment of a holding public joint-stock company to undertake the contracting, oversight, management and operation of the project.

As part of its oversight of subsidiary companies, the Board discussed arrangements for convening General Assembly meetings and approved a timetable aimed at completing the assemblies of all subsidiary companies before mid-August 2026.

The Board further approved LAIP’s separate financial statements for the financial years 2024 and 2025 as part of the completion of the relevant financial and administrative procedures.

The meeting forms part of the Board’s ongoing efforts to advance LAIP’s strategic plans and projects, support the achievement of its long-term objectives, strengthen its investments within Libya, and maintain its role as an active international investor.