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Submitted by unname1 on Fri, 09/02/2011 - 12:09
World leaders on Thursday agreed to free up billions more in frozen assets to help Libya's interim rulers restore vital services and start rebuilding after a six-month war that ended a 42-year government.

In their first address to the world since rebel forces overran Tripoli last week and drove out Muammar Gaddafi, Libya's interim leaders thanked Western powers for backing their revolt and urged Libyans to ensure a peaceful transition.

France, Britain and other powers, sitting down for talks with the National Transitional Council (NTC), vowed to keep up their military backing as long as needed but said the focus was now on reconstruction.

"We have committed to unblock funds from the Libya of the past to finance the development of the Libya of the future," French President Nicolas Sarkozy told a news conference.

He said a total of $15 billion would now be freed up from Libyan assets frozen under sanctions. The figure included $3 billion the U.N. Sanctions Committee has approved for release in the United States and Britain and 1.5 billion euros ($2.16 billion) in France.

It also includes 2.6 billion euros of assets in Italy, a billion in Germany and 700 million euros in the Netherlands.

Reuters

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