EU unfreezes Libyan central bank fund

Reuters, Wednesday 21 Dec 2011

EU said the decision to unfreeze the Libyan funds was taken to support the recovery of the Libyan economy and assist the new government

Egypt CB
A view of the Central Bank of Libya in central Tripoli October 31, 2011 (Photo: Reuters)

The European Union decided on Wednesday to unfreeze all funds and assets of the Central Bank of Libya and the Libyan Arab Foreign Bank held in the bloc.

An EU statement said a partial freeze of assets of the Libyan Investment Authority and Libya Africa Investment Portfolio imposed on Sept. 16 before the overthrow of late Libyan leader Muammar Gaddafi would remain in force.

The decision to unfreeze the bank funds was taken to support the recovery of the Libyan economy and to assist the new Libyan government, it said. The move will enter into force on Thursday.

The EU imposed wide-ranging sanctions on Gaddafi's government in protest against his treatment of an anti-government uprising that eventually forced him from power.

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