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Thu 5 May 2011 06:13 PM

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No shortage of funds to aid Libya, says Qatar prime minister

Gas-rich Gulf state has already given up to $500m in funding to Libyan rebel forces

No shortage of funds to aid Libya, says Qatar prime minister
(Getty Images)

Qatar's prime minister Sheikh Hamad bin Jassim bin Jabor Al Thani said that there is no shortage of money to finance a new fund to offer humanitarian aid and other assistance to Libyan forces fighting the regime of Muammar Gaddafi.

Foreign ministers from the 22 nation contact group on Libya agreed to set up a new aid mechanism at a meeting in Rome on Thursday.

The group pledged to step up pressure on Gaddafi to leave power and called for financial assets linked to the regime that have been frozen by international sanctions to be turned over to the new fund.

The Qatari prime minister said that Kuwait had already contributed $180m and Qatar between $400m to $500m to the Temporary Funding Mechanism.

“This fund could be used through credits,” Sheik Hamad said. “I don’t think we have shortage of funds, what we have is a shortage of mechanism and that is what we agreed on here.”

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