Decision 477/2022 Establishing Powers Under Decision 352/2021

The Council of Ministers authorizes the Economic and Social Development Fund to manage contributions from families under Libya's former Wealth Distribution Program. The Fund receives full legal authority to represent these families, manage and invest their assets, and conduct transactions including share sales.

This decision resolves previously unclear authority over assets from Gaddafi-era wealth distribution schemes. Foreign investors and financial institutions may now face a clear counterparty when dealing with these legacy shareholdings, particularly in privatization transactions or corporate restructurings. Any entity acquiring Libyan assets should verify whether prior ownership traces to this program, as the Fund now has sale authority.