World Bank recognises National Transitional Council

AFP - The World Bank on Tuesday recognized Libya's new leadership as the country's official government, and pledged to take a major role in rebuilding the country.

"Based on evolving events in Libya and the views of member countries, the World Bank today announced that it is engaging with the National Transitional Council as the Government of Libya," the Bank said in a statement.

It said it had already been asked by the NTC to work on repairing and restoring water, energy and transport services after seven months of an insurrection which ousted dictator Moammer Khadafi.

It is also to cooperate with the International Monetary Fund to support the government budget process and help rebuild the banking sector.

"We are ready to support the people in Libya. Our experts have started coordinating with their partners already and we are moving fast to begin work," said Sri Mulyani Indrawati, World Bank managing director.