A high-level delegation from the Libya Africa Investment Portfolio (LAIP) arrived in Maputo on Sunday on a mission to recover an expansive rice project that was seized by Mozambican authorities in 2020.
The delegation, led by LAIP board chairperson Mustafa Abu Fanas, is engaging in crucial diplomatic efforts to resolve the issue.
LAIP said the visit marked a significant step in its ongoing negotiations with Mozambican authorities concerning the 20,000-hectare rice cultivation project.
The US$30 million Bela Vista-Rice Project, seized by Mozambican officials in late 2020, has been the subject of intensive diplomatic efforts spearheaded by Al-Buaishi.
The outcome of the delegation’s visit could have significant implications for the future of the project and the broader economic relationship between Libya and Mozambique.
The project was launched in 2009 in the district of Matutuine in Maputo province by a consortium formed by LAIP and the Mozambican company Ubuntu SA.
LAIP is the international investment vehicle for the Libyan government, with a diverse portfolio spanning multiple sectors and geographical regions.
The sovereign wealth fund’s strategic approach focuses on generating sustainable, long-term returns through carefully selected investments across global markets.
JN/APA