Italy Promises Money and Fuel for Rebels in Libya
Italy has frozen Libyan assets and promised to provide fuel and financial backing of Libya's rebel alliance.
In a move that clearly cements it as a country in support of Libya's movement to oust Moammar Gadhafi, Italy has promised to provide Libyan rebels with fuel and hundreds of millions of dollars. The financial promise is being backed by assets of Gadhafi's regime that have been frozen. The move was announced yesterday by Italy's foreign minister. Libya's rebel national council has for several weeks cautioned that it was running low on funds and fuel, and sought to obtain loans and other funds from Western countries.
Italian Foreign Minister Franco Frattini visited a rebel stronghold in eastern Libay and noted that Italy would provide "for the needs of the Libyan people with a huge quantity of fuel and huge amount of money." While an exact number was not noted, Frattini did not that the total would be "hundreds of millions of euros that are necessary for the daily life of the population." The Italian government will be aided by Eni, the country's largest oil exporter from Libya, and Unicredit, an Italian bank.
Unicredit has frozen assets held by Libyan shareholders in order to adhere to a decision handed down by the European Union. Said Frattini, "We are talking about billions of euros that are not money of the regime, these are money of the people of Libya. And these important frozen assets can represent a very valid guarantee for this transfer of money to the Libyan people." Libyan rebels welcomed the move by Italy, and it should be a solid step toward achieving the financial goals of the rebel group that will keep it moving toward its goal of overthrowing Gadhafi.
Italian Foreign Minister Franco Frattini visited a rebel stronghold in eastern Libay and noted that Italy would provide "for the needs of the Libyan people with a huge quantity of fuel and huge amount of money." While an exact number was not noted, Frattini did not that the total would be "hundreds of millions of euros that are necessary for the daily life of the population." The Italian government will be aided by Eni, the country's largest oil exporter from Libya, and Unicredit, an Italian bank.
Unicredit has frozen assets held by Libyan shareholders in order to adhere to a decision handed down by the European Union. Said Frattini, "We are talking about billions of euros that are not money of the regime, these are money of the people of Libya. And these important frozen assets can represent a very valid guarantee for this transfer of money to the Libyan people." Libyan rebels welcomed the move by Italy, and it should be a solid step toward achieving the financial goals of the rebel group that will keep it moving toward its goal of overthrowing Gadhafi.
Post Comment