EU unfreezes Libyan assets

Following a U.N. Security Council directive to unfreeze Libyan assets for the country’s reconstruction efforts, the EU council will be releasing all of its holdings in two Libyan banks.

On Wednesday (Dec. 21), the Council unfroze all funds and assets it holds at the Central Bank of Libya and the Libyan Arab Foreign Bank — which will come into force upon publication of the decision in the Official Journal scheduled for Dec. 22. The funds will help address Libya’s economic and humanitarian needs.

The Libyan Investment Authority and the Libya Africa Investment Portfolio, meanwhile, will remain partially frozen.

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About the author

  • Jenny Lei Ravelo

    Jenny Lei Ravelo is a Devex Senior Reporter based in Manila. She covers global health, with a particular focus on the World Health Organization, and other development and humanitarian aid trends in Asia Pacific. Prior to Devex, she wrote for ABS-CBN, one of the largest broadcasting networks in the Philippines, and was a copy editor for various international scientific journals. She received her journalism degree from the University of Santo Tomas.