Mark Pritchard – 2016 Parliamentary Question to the Foreign and Commonwealth Office

The below Parliamentary question was asked by Mark Pritchard on 2016-01-05.

To ask the Secretary of State for Foreign and Commonwealth Affairs, when he expects Libyan Investment Authority funds to be released for Libyan social and physical infrastructure projects from the Future Generations Fund, Libyan Local Investment and Development Fund and the Budget Stabilisation Fund.

Mr Tobias Ellwood

It is for the Libyan Investment Authority (LIA) to decide on the allocation of funds for Libyan social and infrastructure projects. Some LIA assets are frozen under UN and EU regimes, but the LIA continues to have access to unfrozen funds. Article 8b of the EU Regulation provides a derogation such that if LIA were to make an application, the competent authorities of the Member States (which in the UK is HM Treasury) may authorise the release of frozen funds or economic resources under certain circumstances.