This week saw significant good news for the foreign investment regime in Libya: a Ministry of Justice legal opinion confirmed that foreign investors may own up to 100% of projects in Libya (except in the oil & gas sector), and the Privatization Board resumed normal operations.
- On 23rd January 2023, the Legal Department of the Ministry of Justice issued a legal opinion clarifying the scope of Law No. 9 of 2010 on the Promotion of Investment pertaining to permitted investment structures for foreign investors in Libya. This legal opinion is highly significant for two reasons:
- It confirms that foreign investors in Libya may operate through a Libyan branch or through any other legal form; and
- It confirms that foreign investors are permitted to invest in Libya on a 100% ownership basis – i.e., without the participation of Libyan shareholders – except in the oil and gas sector (Law No. 9 does not apply to oil and gas projects).
- On 24th January the Libyan Investment and Privatization Board held its first meeting since the arrest of the LIPB Chairman…
