UN reaches deal to release frozen Libyan funds
Libyan rebel celebrates on streets of Tripoli Photo By: Getty Images
August 25th, 2011
07:30 PM ET

UN reaches deal to release frozen Libyan funds

By CNN Wire Staff

An agreement has been reached in the U.N. Security Council to release $1.5 billion in frozen Libyan assets to meet the humanitarian needs of the country, diplomats said Thursday.

"Today's action demonstrates the international community's solidarity with the brave people of Libya at this historic moment," said Susan E. Rice, U.S. ambassador to the United Nations, in a statement.

"The unprecedented international coalition built upon U.N. Security Council Resolutions 1970 and 1973 prevented mass atrocities in eastern Libya, averted large-scale killings of unarmed civilians and avoided a catastrophic humanitarian crisis. Yet this is not the end of Libya's transition. It is the beginning. The United States will continue to work with our international partners to support the Libyan people as they chart a democratic, prosperous and secure future for their country."

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Filed under: Arab Spring • Diplomacy • Gadhafi • Intelligence • Libya • Military • NATO
August 25th, 2011
09:31 AM ET

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