Sarkozy will organise the conference jointly with British Prime Minister David Cameron, his closest ally in launching the UN-authorised military campaign to enforce a 'no-fly zone' over Libya.

Besides the Libya contact group which comprised mainly of nations which participated in a six-month military operation in support of the rebel forces seeking to overthrow the Gaddafi regime, India, China, Russia, Brazil and South Africa, which stayed out of the conflict are also to be invited, according to the French Embassy in India.

UN Secretary-General Ban Ki-moon will also attend the conference.

According to the French Embassy in India, the conference of the 'friends of Libya' is also intended to speed up humanitarian aid, medical supplies, rehabilitation and other immediate assistance for the war-torn nation as well as to work out a long-term plan for the reconstruction of a 'new independent Libya'.

The meeting would also discuss ways and means for releasing the frozen wealth of Gaddafi and his clans in bank accounts abroad to meet the country's immediate needs, to support the transitional government under Mahmoud Jibril and to finance the country's reconstruction as a democratic nation.

Meanwhile, the European Union and the US have begun preparations to unfreeze the assets of Gaddafi and his clans in foreign banks.

Several governments are working on a new draft resolution to lift the freezing of Libyan assets imposed by the UN Security Council after the Gaddafi regime cracked down on protesters demanding democratic reforms.

The NTC estimates that the total assets of the Gaddafi clans in foreign banks could be more than $150 billion. With a share of more than $37 billion, the US holds the largest deposit of Libyan wealth in foreign banks.

British banks are estimated to possess the second largest deposit of Libyan assets worth around $20 billion while Germany had frozen bank accounts of Gaddafi and his clans worth around $10 billion.

Germany on Tuesday offered the NTC 100 million euros for immediate humanitarian and civil assistance.

This will be deducted from the frozen assets of the Gaddafi clans, when they are made available to the transitional government

The meeting between Sarkozy and Jibril was hurriedly organised after the rebel forces made a surprise advance to the Libyan capital Tripoli on Sunday and stormed into the Libyan dictator's highly-fortified residential compound.

Whereabouts of Gaddafi or his family members are still unknown. There have been rumours that he is presently in the town of Sirte, in the south of the country or he could have possibly left the country.