Switzerland eases sanctions on Libya

Switzerland will on Thursday unblock some frozen Libyan assets and allow the transfer of money to some state institutions, the Swiss government said on Wednesday.

The move will allow the transfer of money and other assets to the Central Bank of Libya, the Libyan Investment Authority, the Libyan Foreign Bank and the Libyan Africa Investment Portfolio.

The government said there are currently 265 million francs ($300 million) of frozen Libyan assets in Switzerland, 90 percent of them belonging to state-owned companies.

Switzerland will now also allow Libya to fly over Swiss air space, lifting a ban imposed earlier.

The move is in line with the U.N. Security Council, which decided last month to relax sanctions on Libya to allow key institutions to recover after Muammar Gaddafi was overthrown.

Several other countries have already unblocked some Libyan assets.

(Source: Reuters)

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