A high level delegation from the Libya African Investments Portfolio – one of Libya’s largest sovereign wealth funds - arrived in the country on Saturday to assess their investments, and seek new opportunities for business.
The visit, includes chief executive officers of LAP, represents Libya’s growing confidence in Uganda’s economy, and the rising appetite to widen investments in the country. The discovery of two billion barrels of oil has cast Uganda in international spotlight, with credit rating agencies and top institutions like the International Monetary Fund offering positive reviews of the country’s growth potential.
A press statement from Uganda Telecom – in which the Libyans own 69% shares - does not reveal exactly what the team will be keen on, although it mentions the North African country’s intention to strengthen ties with Uganda.
“The delegation, led by the Vice Chairman & CEO of LAP, Dr. Khaled Ali A Kagigi will be in the country for three days in which they will not only visit their various investments, but also be cementing further the long standing friendship between the Great Libyan Arab Jamahiriya State and the Republic of Uganda and seeking ways of cooperating further together,” notes the press statement.
Besides utl, LAP has a huge stake in National Housing. It also owns Tropical Bank, Lake Victoria Hotel, and Tamoil pipeline, among others.
The visit comes as different sovereign wealth funds seek deeper investment opportunities in Africa after the global financial crisis hurt almost every economy in Europe and the United States of America. “LAP is continually seeking new partnerships with global institutions for investment opportunities in Africa and other continents for financial returns and to spur economic development,” notes the press statement.
LAP Green – which controls the telecom companies in five countries on behalf of LAP –received $300 million from the Industrial and Commercial Bank of China three months ago to invest in the telecom companies. After their three-day visit, the LAP officials will also go to other countries like Rwanda and Kenya, where they also have investments.