Empowering Lebanons economy: MP Ibrahim Kanaan unveils Sovereign Fund for Oil and Gas

Empowering Lebanons economy: MP Ibrahim Kanaan unveils Sovereign Fund for Oil and Gas

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2023-08-02 | 05:14

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Empowering Lebanon's economy: MP Ibrahim Kanaan unveils Sovereign Fund for Oil and Gas

Head of the Finance and Budget Committee, MP Ibrahim Kanaan, announced on Wednesday the creation of the Lebanese Sovereign Fund for Oil and Gas as a specialized public institution, free from the traditional oversight exercised by governments and the executive authority. 

This fund holds legal personality, financial and administrative independence, and extensive powers immune from political interference.

Speaking at a press conference, Kanaan affirmed that the management of the sovereign fund cannot be entrusted to mere accountants; instead, it requires experts selected by the Civil Service Council and an international recruitment institution based on specific and well-defined qualifications and conditions.

Kanaan discussed the "second guarantee provided by the sovereign fund" alongside the gold guarantee, utilizing two portfolios: one for saving and investment and another for development, provided that investment outside Lebanon is not less than 75 percent of the portfolio's assets.

"Through the sovereign fund, we aim to secure the management of the state's petroleum resources and their prudent and sound investment, safeguarding them along with their revenues for future generations, all supporting the national economy's development," emphasized Kanaan. 

He highlighted the importance of execution within the boundaries to present