The international community needs to take urgent action to release frozen Libyan assets to the Libyan National Transitional Council (NTC) to avoid a crisis in the future, Mahmoud Jibril, chairman of NTC's executive board said on Friday.

"We have to look to the future now. The NTC needs assets to provide the basic needs for the Libyan people so that we don't face a dangerous situation," said Jibril after a bilateral meeting with Turkish Foreign Minister Ahmet Davutoglu.

Davutoglu, for his part, said it is vital for the international community to unfreeze all frozen Libyan assets and hand it to the NTC, raise the new Libyan flag at the UN, and that, all countries should recognize the NTC as the legitimate government of Libya.

"The raising of the Libyan flag at the UN, unfreezing of all frozen Libyan assets and international recognition of the NTC as Libya's legitimate government are absolutely vital," said Davutoglu.

He said Turkey stands by the Libyan people and is always ready to extend a helping hand, adding that Turkey's national flag carrier the Turkish Airlines will resume flights to Benghazi shortly.

Jibril said the international community has high expectations of the NTC after the fall of the Muammar Gaddafi's leadership and funds are vital for it to be able to meet the basic needs of the Libyan people.

Jibril added that he wants to see a helping hand extended to people in areas that are still under Gaddafi's control as well.

Jibril called on the international community to release the Libyan assets so as not to endanger the transitional process and create a legitimacy crisis in the country.

He also thanked the Arab League (AL) for inviting the NTC to participate as the representative of Libya at its meeting in Cairo on Saturday.

"I wish the African Union will take a similar step like that of our brave friends in the Arab League," said Jibril.

Jibril also said he hopes the NTC can take its seat at the UN representing Libya next month.

Davutoglu and Jibril, meanwhile, said bilateral relations were also discussed during their meeting and Jibril thanked Ankara for all its assistance.

Davutoglu once again emphasized that the NTC is the sole and legitimate representative of Libya and its people.

Jibril is also set to meet with Turkish Prime Minister Recep Tayyip Erdogan later on Friday.

Senior 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 UN 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 UN, the European Union and the AL.

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