The Libyan Minister of Investment, Ali Al-Saidi Al-Qaidi, revealed that the outgoing Prime Minister, Abdelhamid Al-Dbaiba, manipulated Libyan investments by appointing figures convicted of corruption.
In an interview with Al-Ain, Al-Qaidi said that the returns on Libyan investments have fallen to a very small level compared to the first two years of the last decade.
He added that the Libyan Investment Fund, which was established in 2006, to find other sources of income for the Libyan state other than oil, experienced an unusual stagnation phase. This was the result of its neglect by previous governments, topped by the government of Abdelhamid Al-Dabaiba, whose mandate has expired.
The Libyan Minister pointed out that Al-Dbaiba tried to manipulate the investment management during his tenure in order to install personalities loyal to him, who later turned out to be convicted of local and international financial corruption cases.
The Libyan Minister of Investment confirmed that his Ministry is preparing to put in place a number of procedures and legal and economic frameworks. These will push the investment wheel to enhance the economic growth of the Libyan state inside and outside the country.
Al-Qaidi added that the laws will include removing some obstacles that have exhausted the investment process inside the country. This will occur in accordance with international standards followed in the field of simplifying procedures.
The Libyan Minister explained that relying on the rentier income system “from oil and gas” will not make the country an economic power to rely on when any international economic crises erupt. He noted that the plan that will be worked on is to increase the national income output to reach a strong reserve on which Libya depends in a time of necessity.
He noted that the work will not be limited to the outside only, but that his Ministry will work with the rest of the Ministries in the new government headed by Fathi Bashaga. They will increase the proportion of internal investment, especially in the tourism and agriculture sector after the stage of stability in the country.
Al-Qaidi said, “we will work to restructure the companies of the Libyan Investment Authority, and we will also work to invest in health, education, industry, marine wealth, communications and airports, in addition to investing in human resources.”