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Libya's prime minister to take over investment authority

Updated: 07 19 , 2017 13:47
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TRIPOLI, July 18 -- Libya's UN-backed Prime Minister Fayez Serraj earlier this week announced forming a new board of trustees for the country's Investment Authority.

The board includes Serraj, the ministers of finance, economy, and planning, as well as the governor of the central bank of Libya, the government's media office said.

The Libyan Investment Authority is a sovereign wealth fund investing in diverse areas to create wealth for the country. However, it has nearly 66 billion U.S. dollars of frozen assets.

The Libyan economy is suffering due to years of fighting and political rivalry. The unstable situation also affected oil production, the country's main source of income.

Serraj's Government of National Accord was appointed in 2015 based on a UN-backed peace agreement, which aims to end the country's political rivalry. The government, however, is still struggling to improve the political and economic situation in the North African country amid insecurity and chaos.

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