Libya Rebels Get $1.4 Billion Aid

Al Khaleej Times10.06.2011 Libya
Libya Rebels Get $1.4 Billion Aid

Libya Rebels Get $1.4 Billion Aid

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The Libyan Transitional Council (TNC) continues to receive international community support popularity, the third meeting of the Libya Contact Group held in the UAE capital was told.

At least 5 donors pledged more than $1.4 billion to help support Libya’s opposition group as countries backing NATO’s military mission here met to prepare for the post-Muammar Gaddafi era.

The meeting, attended by 20 Foreign Ministers, including the GCC, and envoys from world organizations, was unanimous that the power must be transferred to the TNC, which then will pave the way for a democratic set-up following an interim provisional government after the ouster of Gaddafi.

“The meeting has been fulfilled and we hope this will help Libya improve for better with the support of our friends there. The Libyan people have made lots of sacrifices in efforts, blood and money. We all agree that support to our friends in Libya must continue until there is a positive change,” Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, who co-chaired the meeting, told a Press conference after the conclusion of the one-day meeting held at Emirates Palace.

Sheikh Abdullah also announced the group completed and launched a new financial mechanism (Temporary Financial Transaction Mechanism for Libya) to support the TNC with several announcements from member countries already made. Italy pledged up to $600 million to the rebel council and France pledged $421 million. Kuwait renewed a pledge for $180 million, and Turkey and Qatar $100 million each.

Officials said the council had taken steps to assure potential donors and lenders that whatever government replaces the Gaddafi regime would make good on debts incurred in the interim period.

The non-military funds announced will be delivered to TNC to help operate until the ouster of Gaddafi and the set up of a provisional government that will help pave the way for a democratic system. In response to question from Khaleej Times, Sheikh Abdullah said the UAE contribution to the TNC Financial Mechanism will be announced at a later stage.

Both Sheikh Abdullah and Hillary Clinton said with the help of UN Security Council billions of dollars of Libyan assets will be de-frozen and diverted to rebuild the country and help the people.

Former Libyan Foreign Minister Abdul Rahman Shalgam said the country has frozen assets worth $160 billion. He said at least $4 billion are needed immediately to support the council.


Source: Khaleej Times 



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