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FINANCIAL NEWS
Libyan rebels to get Gaddafi’s frozen foreign assets
17 Jul 2011
(MENAFN) Mahmoud Shammam, a spokesman for Libya’s Transitional National Council (TNC), said that after Friday’s meeting where the US and its allies recognized the TNC as the legitimate Libyan government, the council expects to receive some of Gaddafi’s foreign assets and additional loans, Bloomberg reported.
Kuwait plans to give USD180 million to the rebels, and Turkey plans to issue the TNS a USD100 million loan in the next three days. Italy and other governments also plan to release funds or give loans as well, Shammam said.
The TNC would use the unfrozen funds as a guarantee against loans for a planned USD3 billion budget for half of this year until a democratically elected government is in place, Shammam said.
The TNC estimates that Gaddafi’s assets abroad exceed USD100 billion, Shammam said.
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