Law No. 320 of 2023 - Lebanese Sovereign Wealth Fund Law.

This Law, comprising 25 articles organized into VIII Chapters, aims to ensure the prudent and sound management of state revenues derived from petroleum and future natural resources. Its core purpose is to safeguard the nation's wealth and the rights of future generations through responsible saving, investment, and development. Having finalized its petroleum legislation and awarded exploration contracts, Lebanon is now establishing a sovereign wealth fund, as mandated by Law No. 132/2010 on Petroleum Resources in Offshore Waters, to manage anticipated revenues from future oil production. The primary goal of this fund is to preserve its capital and investment returns for future generations, transforming finite petroleum resources into productive, non-depletable assets without harming the national economy. To achieve this, the Law proposes (i) The establishment of the Lebanese Sovereign Wealth Fund as a public institution, enjoying legal, financial, and administrative independence, and constitutionally linked to the Council of Ministers. It will be managed by a board of financial, economic, and legal experts possessing extensive experience in risk management, executive leadership, and global operational infrastructure; (ii) Adherence to global governance standards for such funds, the maintenance of dedicated accounts for fund revenues, and the establishment of clear rules for investment and withdrawal. Investment authorization will require parliamentary approval. Furthermore, the fund's accounts will be subject to both ex-post oversight by the Audit Bureau and independent international external audits. Transparency will be ensured through the public dissemination of relevant reports and information.