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France to Honor All Commercial Contracts Signed with Libya Under Previous Giscard Administration

The French government has announced that all commercial contracts signed with Libya under the previous Administration of Valery Giscard d’Estaing would be honored. The decision implied the lifting of an arms embargo which had been applied by the Giscard government in protest against Libya’s intervention in Chad.

Arms contracts signed with Libya are estimated at about $600 million and include gunboats, helicopters and missiles. The French government, however stated that it did not intend to sign new arms contracts with Tripoli. It added that it hoped Libya would help promote the peace process in Chad. The decision of the French government is the sign of an improvement of relations with Libya.

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