Libyan Assets to Rebuild the Country

Libya's National Transitional Council (NTC) is requesting the release of $5 billion in frozen assets to help kick start the country's economy as well as provide aid to its citizens after talks with Arab and Western allies.

Libyan ambassador to the UAE Aref al-Nayed told reporters at a conference held in the Qatari capital Doha that the release of assets would provide medical relief and aid in the reconstruction of destroyed schools and hospitals which were used by Muammar Qaddafi’s troops as hubs for attacks.

"I want to assure you that we have worked out the mechanisms prior to requesting the funds, and this diligent work was done by young Libyan lawyers and financial experts, some of them are here and I am honored to work with them and to learn from them. They worked very hard in order to make sure that the DFM or the payment mechanism is sophisticated and has only the best practices, the due diligence practices, the audit standards and is also efficient and can deliver."

The following day Qaddafi’s former right-hand man Abdel Salam Jalloud who defected to be with the rebels at a news conference in Rome said he guarantees the country will be quickly rebuilt.

"The Libyan people will get back on their feet after a difficult period of all this destruction much more quickly than anyone thinks," he said.

Over $160 billion-$170 billion in frozen Libyan assets are believed to be held worldwide. $700 million is held in the United Arab Emirates alone and can only be released once the United Nations gives its approval.

The NTC expects to receive $1.5 billion in unfrozen assets from the United States.

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