Egypt, Libya Mull Beefing Up Investments

Chairman of the General Authority of Free Zones and Investments (GAFI) Mohamed Abdel Wahab discussed on Thursday with head of the Libyan Investment Authority Ali Mahmoud Hassan stepping up investments between the two sides.

The Libyan Investment Authority is the sovereign wealth fund (SWF) of Libya. It is established on August 28, 2006 to manage the surplus of the Libyan oil. With assets surpassing $67 billion, the authority includes 550 investment companies operating in three continents.

The meeting comes in implementation of Prime Minister Moustafa Madbouli's directives to follow up the outcome of the Egyptian delegation's latest visit to Tripoli.

The visit was the first by an Egyptian premier to Libya in years and many cooperation agreements were signed during the visit.

Abdel Wahab said the meeting aims at exploring joint investment opportunities between the Libyan authority and Egyptian partners.

The two sides agreed on some executive steps aiming at addressing any obstacle blocking flow of Libyan investments to Egypt.

Abdel Wahab updated the Libyan official on available investment opportunities in national mega projects, including the New Administrative capital and New Alamein City.

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