A high-level delegation from Libya has landed in Conakry, Guinea, for discussions on the recovery of one of West Africa's largest fruit farms. This move is part of Libya's ongoing efforts to reclaim frozen assets abroad. The team is led by Youth Minister and Prime Minister's Special Envoy to Africa, Fathallah Al-Zani, and includes prominent figures from the Libya Africa Investment Portfolio (LAIP) such as Chairman Mustafa Abufanas and LAICO General Manager Mohammed Mahjoub.
LAIP, which was established in 2006, oversees Libya's strategic investments across the African continent, managing assets worth several billion dollars. The fund is a key element of Libya's strategy to diversify its economy beyond oil and to bolster diplomatic relations via economic partnerships, covering sectors like agriculture, hospitality, telecommunications, and real estate in over 25 African countries.
The focus of the negotiations in Guinea is a 2,150-hectare agricultural facility that specializes in the cultivation of mangoes and pineapples and includes a juice processing plant along with seven water reservoirs. This asset was confiscated in 2020 by a presidential decree from the previous Guinean administration, a decision recently overturned by the Supreme Court.
In initial discussions with Guinean Youth Minister François Bougola, the delegation laid out their positions regarding the future of the asset, with the meeting seeing participation from diplomatic and financial oversight representatives of both countries. This endeavor is part of the Libyan Government of National Unity's wider initiative to settle investment disputes across Africa, amidst efforts by LAIP to safeguard and recuperate assets affected during Libya's periods of political instability. The fund is now concentrating on reviving existing investments and exploring new opportunities within promising African markets.
A business analyst speaking to Libyan Express highlighted the potential of these discussions to establish a precedent for the protection of Libyan investments in West Africa, emphasizing the importance of these negotiations in reinforcing economic ties and confidence in cross-border investments between the two nations. For LAIP, a successful outcome would solidify its standing as a key entity in African investment, showcasing its proficiency in overcoming complex political and legal landscapes.
Source: Libyan Express