France Set to Release More of Libya's Frozen Assets

France is soon to release $300 million to Libya's new rulers in order to help them recover the rest of their frozen assets. The announcement was made by the French foreign minister Alain Juppe during a short visit to the Libyan capital, Tripoli on Wednesday.

Almost two months after declaring Libya liberated from the dictatorial regime of Al Qathafi, who was overthrown during an eight-month long conflict, Libya's interim leaders have still only recovered only about $3 billion, which is a fraction of the amount of $150 billion of frozen assets.

Libya needs the money is needed to pay for workers' wages and to embark on plans to rebuild the country ravaged by the armed conflict.

Juppe, who had earlier had talks with Libya's interim prime minister Abdurrahim El-Keeb, told a news conference: "We are sure that the frozen amount belongs to the Libyan people. France will release 230 million euros in the next few days and we are going to work with our partners in the Security Council to unfreeze the (remaining) Libyan assets."

He said he told Mr El Keeb that he was very appreciative of the libyan authorities for having gas production take off again. He congratulated Libya after being told that production it has now reached one million barrels a day.

“Now French companies and their Libyan counterparts have to find ways to work together. It is now a question that has to be settled between companies,” he said.

(Source: Tripoli Post)

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