The Libya Contact Group promised here on Thursday to release 2.5 billion U.S. dollars in frozen Libyan assets to the National Transitional Council (NTC) before the end of the month.

"The Libya Contact Group agreed to speed up the process so that we the NTC receive 2.5 billion US dollars before the end of the month," said Fathi Baja, head of political and international relations of the NTC.

The NTC is very pleased with the support offered at the Istanbul meeting, Baja told reporters after the Libya contact group meeting at the level of political directors ended.

He said the group also promised to assist in ensuring security in Libya and to help the transition process.

Baja said this did not mean that foreign troops would be moved to Libya but that NATO operations would continue as necessary.

"We are very happy with the assistance being offered. Of course we need more but all this help is vital and we are very pleased," said Baja.

Officials from 29 countries and seven organizations convened in Istanbul on Thursday to seek ways on how the international community can cooperate to provide political guidance to the NTC and potentially release frozen funds as the rebels look to strengthen their grip on the reins of power.

The United Nations Security Council began meeting on Wednesday to discuss a U.S. proposal to release frozen Libyan assets to pay for emergency humanitarian aid.

The Libya contact group was created in London on March 29 and comprises around 30 countries and international organizations, including the United Nations, the European Union and the Arab League.

The rebels say they need at least 5 billion U.S. dollars from frozen Libyan assets to pay state salaries and maintain vital services.