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Speaking in the Egyptian port city of Alexandria after a meeting with President Mubarak, the UN Secretary-General said he was hopeful that the blockade would be lifted, but did not give specific details.
"I hope within the next 48 hours, we will have some constructive and positive news about that," said Mr Annan.
"We all are working very hard and with a good will. We should be able to resolve it within the next 48 hours."
Israel has maintained its blockade since its 34-day war with Hezbollah ended on August 14, saying that the embargo is intended to prevent the Shia Muslim militia group from acquiring further arms.
It has said the blockade would be lifted once the UN-brokered ceasefire that went into effect on August 14 had been implemented fully under Security Council Resolution 1701.
Among other things, the resolution calls for Hezbollah to be disarmed, and for the unconditional release of the two soldiers captured on July 12 in a cross-border raid.
Mr Annan announced that he had appointed a mediator to secure a deal on the release of the two servicemen, and that both Israel and Hezbollah had agreed to negotiate.
“I’m hopeful that my facilitator will be able to work expeditiously with the parties to come forward with an acceptable solution for both parties,” Mr Annan said.
Hezbollah wants the release of Lebanese prisoners in exchange for the soldiers, but Israel has refused to negotiate directly with the group.
“Israel sees the Lebanese Government and the UN, within the framework of Resolution 1701, as the only ones responsible for the unconditional release of the kidnapped soldiers,” an Israeli spokeswoman said.
However, in an interview published today in the Lebanese newspaper As-Safir, Sheikh Hassan Nasrallah, the Hezbollah leader, said that his militants would not disarm as demanded by the UN resolution, although he said that they would only use their weapons if Israel attacked.
International peacekeepers are currently moving into Lebanon to enforce the precarious ceasefire, while Israel has allowed limited commercial flights into Beirut airport as well as some flights and cargo ships for aid purposes.
The conflict resulted in the deaths of 1,200 people in Lebanon, mainly civilians, and 160 Israelis, mostly soldiers.
Meanwhile, Turkey is today voting on whether to send troops to Lebanon as part of the UN peacekeeping force. The government strongly supports deployment, but Turkish public opinion remains divided. Protesters gathered around the parliament in Ankara this morning, hours before it was due to debate and vote on the issue.
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