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LAFICO resumes activity in Italy after taking back real estate properties

The Address | Benghazi – Libya

ROME – The Libyan Arab Foreign Investment Company (LAFICO) will soon resume activity in Italy after taking back its real estate properties which were seized by the Italian government under United Nations restrictions.

LAFICO assisted by by Italian lawyers Mario di Giulio and Caterina Luciani, from the law firm Pavia e Ansaldo, obtained on Friday a clarification from the Financial Security Committee of the Italian Ministry of Economy and Finance (MEF) which established that the buildings owned by LAFICO  in Italy “are not subject to restrictive measures and are therefore fully available to the company.”

After carrying out investigations, the Financial Security Committee concluded that these buildings, held in Italy by subsidiaries or affiliates of LAFICO, are not subject to restrictive measures.

In this regard, Salaheddin El Busefi, legal representative of LAFICO in Italy since 2017, has firmly stated that he intends to improve the company’s reputation in the country, promote and reorganize its investment activities in Italy.

“It is our intention to reconnect and create new links with the banking community and the investment sector as well as the financial industry within Italy, both in the public and private sectors,” said El Busefi.

“Libya maintains a historic and very important relationship with Italy,” he added, “and while new funds and countries are looking for commercial opportunities in Italy, the Italian-Libyan interest that has existed for decades is undeniable and it is this relationship that ensures the promotion, guarantee and opening up of new opportunities for investment that consolidates this fraternal relationship”.

LAFICO is a subsidiary of the state-owned Libyan Investment Authority (LIA) which is used for investments abroad.

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