Madrid Conference raises at least $33 billion for Iraq
Donors pledged at least $33 billion for the reconstruction of Iraq at the two-day international conference on Iraq reconstruction in Madrid, organizers announced Friday, October 24, 2003, at a closing press conference.
The $33 billion figure includes the $20.3 billion in a US supplemental budget request, which is in the final stages of congressional approval.
US Secretary of State Colin Powell said that a number of nations not pledging in Madrid "might well be able to do so in the future and might be considering their position as we move forward with this achievement under our belt."
“There are other funds that will be reaching the ultimate goal of $56 billion for reconstruction over an extended period of time, through 2007,” said Powell. “The budget for Iraq, beginning in the year 2005, will generate a surplus over operating costs of the government of roughly five billion dollars a year which can be applied to reconstruction efforts.”
A large portion of the grant money came from Japan, which put up $1.5 billion for next year. The European Union pledged $812 million, Saudi Arabia one billion dollars, South Korea $200 million and Canada $230 million. — (menareport.com)
© 2003 Mena Report (www.menareport.com)