International donors Friday pledged more than $33 billion for Iraq's reconstruction in the next four years - about two-thirds of it from the United States. This figure was short of the estimated $56 billion needed to rebuild the country.
Spanish Foreign Minister Ana Palacio called the two-day conference "a great success," despite concerns in some quarters that much of the pledges are in the form of loans to a country already burdened with an estimated $120 billion in debt, The AP reported.
After the conference ended, Spanish Finance Minister Rodrigo Rato said it raised $33 billion in pledges, a figure that did not include export credits, technical assistance or other non-cash aid.
The total included $20 billion already promised by the United States. A senior U.S. official said earlier the United States had counted "in excess of $13 billion" in new pledges, which he called in line with expectations.
The World Bank and U.S. officials estimated ahead of the conference of 77 nations that Iraq needs $56 billion in reconstruction aid in the next four years. The World Bank has said much of that amount will likely be covered by Iraq's oil revenues, private investment and other resources, rather than donations.
© 2003 Al Bawaba (www.albawaba.com)
