Libya's secretive sovereign wealth fund could hold the key to any post-conflict reconstruction and future economic development with its $70 billion in assets including lucrative stakes in Western firms.
Libyan Investment Authority, set up in 2006 to manage the country's oil revenues, has assets of around $70 billion, equivalent to nearly 75 percent of the country's economy. It owns stakes in a clutch of European bluechips ranging from Italian bank UniCredit to British publisher Pearson.
LIA, which is roughly the same size as Qatar's sovereign wealth fund, publishes little information, but a rare annual report in 2009 shows how liquid the fund is. It had more than 78 percent in 'short-term financial instruments abroad' and had only $8 billion in long-term equity investments in North Africa, Asia and Europe.
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