Obama pledges to stand by Libya

Updated 2:20 p.m. ET

President Obama pledged Tuesday to help rebuild Libya and announced the return of a U.S. ambassador to Tripoli as a transitional government begins to take shape in the north African nation.

"Today the world is saying, in one unmistakable voice--we will stand with you as you seize this moment of promise; as you reach for the freedom, the dignity and the opportunity you deserve," Mr. Obama said in prepared remarks to a high level meeting on Libya at the United Nations in New York.

Mr. Obama warned that it would not be easy as loyalists to ousted leader Muammar Qaddafi continue to fight and Libya's National Transitional Council continues to begin the work of setting up a new government.

"After decades of iron rule by one man, it will take time to build the institutions needed for a democratic Libya. There will be days of frustration," Mr. Obama said.

"But if we have learned anything these many months, it is this - do not underestimate the aspirations and will of the Libyan people," he added.

Mr. Obama met with a NTC chairman, Mustafa Abdel Jalil, as he begins two days of meetings in New York surrounding the annual gathering of the United Nations General Assembly.

Mr. Obama called on Jalil and other NTC leaders to ensure a timely democratic transition in Libya, including free and fair elections.

The president pledged to continue a NATO-led bombing campaign as long as violence remains.

"Those still holding out must understand--the old regime is over, and it is time to lay down your arms and join the new Libya," Mr. Obama said.

"As this happens, the world must support efforts to secure dangerous weapons--conventional and otherwise--and bring fighters under central, civilian control. For without security, democracy, trade, and investment cannot flourish," he said.