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UK to repatriate £6.5 billion to Libya

The UK has pledged to release £6.5 billion of frozen Libyan assets while calling the Libyan government to work harder on rebuilding the country and serving its people

Amer Sultan, London, Sunday 18 Dec 2011
William Hague
UK Foreign Secretary William Hague Photo: Reuters
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London has confirmed that it will cooperate with its EU partners to remove international and European sanctions imposed on Libya before and during its revolution against the Muammar Gaddafi regime.

“We will pass the regulations required to release about £6.5 billion [of Libyan assets] frozen in the UK,” UK Foreign Secretary William Hague announced.

The move comes in response to the United Nations Sanctions Committee removing some sanctions on Libya. The UN body removed sanctions from the Central Bank of Libya and the Libya Arab Foreign Bank.

“We are now working to ensure that the EU will respond swiftly to this UN decision,” Hague said in statement Saturday.

The UK will continue to work with the Libyan government and other nations to agree the steps required for removing the remaining sanctions, so that Libya’s assets can be used for the benefit of its people, the statement added.

London called on Libyan officials to reassure the international community that they will use the repatriated money for the interest of their country and people.

“Libya’s government will now have full access to the significant funds needed to help rebuild the country, to underpin stability and to ensure that Libyans can make the transactions that are essential to everyday life,” Hague said in his statement.

The UK led European efforts to freeze the assets of former Libyan regime just after the Libyan revolution started. It is calling on the new government to concentrate on building a new Libya.

“The transitional government must now redouble its efforts to build a transparent and accountable financial system that will underpin a newly prosperous Libya,” Hague said.
 

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