Leaders agree to unblock funds for Libya

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Leaders agree to unblock funds for Libya

Leaders agree to unblock funds for Libya
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World leaders have agreed to release more than 10 billion euros worth of frozen funds for Libya.

The move came at an international summit on the future of the country, heavily focused on the task of reconstruction after the six-month conflict.

Playing co-host in Paris, the French President Nicolas Sarkozy said:

“Money taken by Gaddafi and his entourage has to go back to the Libyan people, so we have all agreed to unblock the money that Libya had yesterday to finance Libya today.”

Leaders said that NATO’s military action would continue as long as Colonel Gaddafi remained a threat.

There were also calls for reconciliation and against extremism.

“I would like to address the Libyan people: as we have taken a gamble on you,” said the head of the National Transitional Council, Mustafa Abdel Jalil.

“As the international community has taken a gamble on you, matters are now in your hands to prove several things: to respect our engagements; secondly, to introduce stability and peace in Libya; thirdly, forgiveness and tolerance.”

There are plans for a new constitution and elections within 18 months.

The summit was a success for joint hosts France and Britain, who pushed hard diplomatically for NATO’s intervention.

There was some jostling on the sidelines for potential business contracts in the new Libya.

Another meeting will be held in New York later this month.