US hopes to free $1.5 billion for Gadhafi foes

AP News
Posted: Aug 23, 2011 3:07 PM
US hopes to free $1.5 billion for Gadhafi foes

The Obama administration hopes to soon release between $1 billion and $1.5 billion in frozen Gadhafi regime assets to give to the Libyan opposition.

The State Department said Tuesday it would make the money available to Libya's Transitional National Council to help it meet immediate humanitarian needs as soon as the U.S. sanctions committee gives its approval. The amount represents about half of the Gadhafi regime's liquid assets that have been frozen in the United States. The vast majority of the more than $30 billion in frozen assets in the U.S. is in real estate and other property holdings.

The department said it expected that the money would be available to the cash-strapped rebels in the coming days.