WASHINGTON - Based on evolving events in Libya and the views of member countries, the World Bank Tuesday announced that it is engaging with the National Transitional Council (NTC) as the Government of Libya and to provide rebuilding assistance.

"As Libya begins its recovery from conflict, the World Bank has been asked to lead the effort in the areas of public expenditure and financial management, infrastructure repair, job creation for young people and service delivery," the Washington-based bank said in a statement.

The World Bank joins the United Nations (UN) and the European Union (EU) as one of the three institutions invited by Libya's NTC to coordinate assistance for the north African nation as it forges a path forward after months of violent conflict, noted the statement.

"Specifically, the Bank has been asked to examine the need for repair and restoration of services in the water, energy and transport sectors and, in cooperation with the International Monetary Fund, to support budget preparation and help the banking sector back on to its feet. Employment generation for young Libyans has been added as an urgent need facing the country," said the Bank.

"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. The areas we have been requested to help with reflect our comparative advantage and we will work closely with the EU, the UN and our Arab partners," said Sri Mulyani Indrawati, managing director of the World Bank.