US$4billion to rebuild Iraq

Financial support from the World Bank for the reconstruction of Iraq could total US$3.4billion to US$4billion according to the bank’s board of executive directors...

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By  Patrick Phelvin Published  October 15, 2003

Financial support from the World Bank for the reconstruction of Iraq could total US$3.4billion to US$4billion according to the bank’s board of executive directors. The cash would be spread over the next five fiscal years. The lending could start with US$1billion for 2004 and 2005.

“The World Bank is committed to help the Iraqi people with the reconstruction of their country and, particularly, in reducing poverty,” says World Bank President James Wolfensohn. “I believe the lending framework for the Bank that has been indicated is appropriate in that context. But I would emphasize that the discussions were preliminary and no decisions have been made,” he adds.

The indicative figures represent a range of possible support and have not yet been endorsed by the bank’s executive directors, or the donors to the International Development Association. The lending is also subject to several other factors that are mandated by the operational procedures of the institution, including security on the ground and governance.

Consultations are ongoing and it is expected that the board will meet again for further discussions prior to the international donor conference in Madrid on October 23 and 24. The conference will seek funding from the donor community to address priority reconstruction and rehabilitation needs, focusing on both urgent and medium-term needs for supporting sustainable development.

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