War against Libya: an economic catastrophe for Africa and Europe
Thierry Meyssan
Voltairenet.org
![](http://www.a-w-i-p.com/media/blogs/articles/Articles17/LIB_economic_catastrophe_meyssan_90.jpg)
Mohamed Siala receiving the Voltaire Network team of investigators.
© Mahdi Darius Nazemroaya / Réseau Voltaire
One of the motives for the war against Libya is to stop the development of the black continent, to enable the setting up of an AfriCom military base in Cyrenaica and to begin the colonial exploitation of Africa for the benefit of the United States. In order to understand this hidden agenda, Voltaire Network interviewed Mohamed Siala, Co-operation Minister and Manager of Libya’s sovereign wealth fund.
Voltaire Network: Your country is gas and oil rich. The Libyan Investment Authority manages an accumulated capital estimated at 70 billion dollars. What use are you making of this bonanza?
Mohamed Siala: We possess a significant amount of resources, but they are non renewable. We have therefore set up the Libyan Investment Authority to protect the wealth of future generations, following Norway’s example. A portion of these funds are dedicated to the development of Africa. This means that 6 billion dollars have been invested in African development shares, i.e. agriculture, tourism, commerce, mines, etc…
The remaining funds have been invested in various sectors, countries, currencies all over the world, including the USA and Germany. This, unfortunately, is what enabled them to freeze our assets.
Voltaire Network: Technically, how was the freeze carried out?
Mohamed Siala: The assets freeze is governed by the banking regulations of the country where they are invested. The rule is that they block our bank accounts, but we sometimes can get them unblocked if we take the litigation to the UN Claims Committee and provided we can prove they were destined for specific uses. For example, I have just pleaded for the unfreezing of funds earmarked to pay scholarships to 1200 students that we sent to Malysia. We are trying to do the same for everything that relates to social allowances or the hospitalization expenses of our citizens abroad.
We are sometimes allowed to use funds to buy food or medicine. This is, in principle, our right but many are refusing to unfreeze the necessary funds or are dragging their feet. For example, the Italian State rejects any use of our assets. In Germany, while the State authorizes their use for humanitarian purposes, it is sometimes the banks that refuse to unfreeze the necessary funds. The interpretations of the resolution are entirely different depending on each State. What we demand is a clear rule: what is permitted is authorised and what is not is forbidden. Right now, the interpretation is political and might prevails over right.