Leaders at summit agree on measures to help Libya

Mustafa Abdel Jalil, right, head of the rebels National Transitional Council, shakes hands with French President Nicolas Sarkozy as he leaves the Elysee Palace after the summit on Libya's post-Gaddafi era in Paris.

Steve Chiotakis: Leaders of Libya's National Transitional Council -- the NTC -- spoke at an international summit in Paris. There, European leaders agreed to a series of measures to help the new government revive Libya's stalled economy.

From London, here's Marketplace's Stephen Beard.


Stephen Beard: The 63 nations at the summit -- including the U.S., China, and the European powers -- gave full backing to Libya's new leadership. And they offered the NTC help to get the economy going. The summit agreed to unfreeze Libya's frozen assets. That could means as much as $15 billion will soon be released.

Charles Gurdon of the risk assessment firm, Menas.

Charles Gurdon: I think it will obviously make a big difference because it means that salaries will be able to be paid, essential imports will be able to come into the country, and it will make a big difference. And it will certainly tide over the NTC for a number of months.

The EU also lifted its sanctions against 28 Libyan entities -- mostly ports and oil companies. And the summit promised to help combat the shortages of food, water, and medicines that threaten Libya with a humanitarian crisis.

In London, I'm Stephen Beard for Marketplace.

About the author

Stephen Beard is the European bureau chief and provides daily coverage of Europe’s business and economic developments for the entire Marketplace portfolio.

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