Ali Mahmoud, the Chairman and CEO of the Libyan Investment Authority, met with Tassos Chatzivasiliou, the Greek Deputy Minister for Economic Diplomacy and Openness, in Athens to discuss the activation of a Memorandum of Understanding (MoU) signed between Libya and Greece in 2021.
During the meeting held at the Greek Ministry of Foreign Affairs, both parties explored ways to enhance economic and investment cooperation between the Libyan Investment Authority and its Greek counterparts.
The MoU, signed during a visit by a Greek governmental delegation to Tripoli in 2021, aims to collaborate on renewable energy projects within Libya. This reflects the mutual commitment of both nations to develop strategic partnerships that enhance sustainable investment opportunities.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.
Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
