EU and NATO allies to unblock $ 100 bn for the Libyan rebels

In the last days of Muammar Gaddafi's regime, EU and NATO allies took the first steps to help the transitional government in Libya, releasing blocked assets, posted the EurActiv Internet site.

Representatives of both organizations announced that they had started negotiations on an international agreement, guaranteeing aid to the rebels and releasing about $ 100 bn of Gaddafi’s assets in foreign banks, even though that Colonel is still running free.

"This is a rich country. The question is how to restore the  functioning economy quickly," said the EU High Representative for Foreign Affairs and Security Policy at a press conference on Tuesday. According to her, the Libyan transitional administration will need funds to pay salaries to staff in the public administration, to ensure that stores are supllied with goods, and that the economy gets back on track.

President Barack Obama’s administration announced yesterday that in the coming days the Libyan opposition would get access to $ 1.5 bn of Gaddafi’s unblocked assets, AP reported. In the USA, these account for about $37 bn, most of which in immovable property and other assets and just a small part in cash.

In Britain, there are blocked Libyan assets amounting to about $ 20 bn. British Prime Minister David Cameron said on Monday that the country would release these funds soon, in order to help the Libyan rebels establish order.

The Governments of Austria, Portugal and Spain have not yet revealed the size of the assets of the Libyan regime in their countries. While waiting for a green light from the UN, Germany and the Netherlands agreed to lend some $144 mln each, in order to finance urgent expenditures for reconstruction and humanitarian needs. These funds will be deducted from the assets that the governments will unblock later. In Germany, the blocked Libyan assets stood at €7.3 bn.

Earlier this month, France released $ 259 mln for the rebels in Libya, in order to be used for humanitarian needs.

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