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Vol 52 No 18

Published 9th September 2011


Libya

You can take the Africa out of Libya

Speculation is rife about what Libya’s new rulers will do with Gadaffi’s immense investment portfolio in sub-Saharan Africa

The strange thing about taking over the Libyan Arab Foreign Investment Company (Lafico), its head told Africa Confidential some years ago, was just how variable its assets could be. ‘Some of our holdings are truly worthless – gestures to show we are present in the economy – and most of these have never made money. But other assets are generating cash. ‘The incoming National Transitional Council (NTC) government will have to reassess the holdings on both an economic and a political basis to decide where to divest and where to remain. It must also court governments worried by the old connection to former leader Moammar el Gadaffi to make sure they don’t liquidate – or expropriate – Libya’s holdings in haste.

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