MP Ibrahim Kanaan announced during a press conference on August 2, 2023 the creation of a Sovereign Wealth Fund the aim of which is to manage revenues generated by the oil and gas sector in a secure and rational fashion to boost Lebanon’s economy. MP Kanaan added that the Fund will not be subjected to political interference. He also noted that the funds that will be generated from Lebanon’s oil & gas reserves will be distributed over two tranches: the first one will be geared towards savings and investment and the second for development. It is worth noting, however, that the Fund’s mandate to decide on the investment strategy requires the approval of the Parliament and the Cabinet.