The United Nation has agreed to unfreeze 950 million pounds of Libyan cash stored in British banks, in what Foreign Secretary William Hague calls a “major step forward” in assisting the Libyan people.
The funds, which were frozen in February at the start of the uprising, will be released to the Central Bank of Libya.
Its stated purpose is to provide humanitarian relief in the African country.
Secretary Hague said, “These banknotes, which were frozen in the UK under UN sanctions, will help address urgent humanitarian needs, instill confidence in the banking sector, pay salaries of key public sector workers and free up liquidity in the economy.”
International Offers of Help
Barbara Plett, BBC United Nations Correspondent, said that the National Transition Council needed the money immediately.
Other countries are anxiously awaiting the United Nations to pass another resolution to unfreeze more frozen Libyan assets.
Germany has asked to release about one billion euros, or 900 million pounds, in seized Libyan assets to help fund humanitarian aid. France also wants to unfreeze give billion euros, or 4.4 billion pounds, money that could be used to keep essential services running for the people in Libya.
Though they are still waiting on their resolutions, the UN did agree to allow the U.S. to unblock 1.5 billion dollars of frozen Libyan assets.