DEFINITION of 'Libyan Investment Authority'
The Libyan Investment Authority (LIA) is a government entity that manages the sovereign wealth funds of Libya. The source of the sovereign wealth fund is primarily excess oil revenues from Libyan oil reserves. According to the Sovereign Wealth Fund Institute, the Libyan Investment Authority manages approximately $70 billion in assets as of 2009.
BREAKING DOWN 'Libyan Investment Authority'
The Libyan Investment Authority was established by government decree in 2006. As a government entity, the LIA ultimately answers to the Libyan prime minister. The LIA is governed by a board of trustees that consists of a mix of government officials and Libyan banking experts.