UK and Libya Sign Investment Promotion and Protection Agreement

On 23 December, Sir Vincent Fean, Her Majesty’s Ambassador in Libya and Ahmed Ali Jarrud, Director of the European Affairs Department at the Libyan Foreign Ministry signed an Investment Promotion and Protection Agreement in Tripoli.

On 23 December, Sir Vincent Fean, Her Majesty’s Ambassador in Libya and Ahmed Ali Jarrud, Director of the European Affairs Department at the Libyan Foreign Ministry signed an Investment Promotion and Protection Agreement in Tripoli.

Sir Vincent welcomed the Agreement, saying – “Recent years have seen a strengthening of trade and investment links between the UK and Libya. These links benefit both of our countries, stimulating economic growth and providing jobs. I predict that this trend will continue, as more and more British firms develop their interests in Libya, and the Libyan Investment Authority increases its portfolio in the UK. This agreement will promote new investment by giving British and Libyan investors the confidence of knowing that their investments are protected by internationally recognised standards”.

Key elements of the IPPA include provisions for equal and non-discriminatory treatment of investors and their investments, compensation for expropriation, transfer of capital and returns and access to independent settlement of disputes.

Before the Agreement comes into force, ratification processes will have to be completed in Libya and the United Kingdom.

This content was commissioned for fco.gov.uk

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