Japan, EU Lead Way in Iraq Rebuilding Pledges

Some of the largest economic reconstruction pledges for Iraq made prior to or during a donors' conference in Madrid, Spain. The World Bank said a total of more than $33 billion was promised in grants and loans, including $20 billion already pledged by the United States.

Japan — $1.5 billion in grants for 2004 and $3.5 billion in loans for 2005-2007.

European Union — $812 million for 2004, $1.5 billion through 2007.

Kuwait — $500 million, in addition to $1 billion already spent.

Saudi Arabia — $1 billion in loans through 2007 and export credits; also willing to consider forgiving some of $24 billion in Iraqi debt owed to it.

Canada — $230 million, most already announced.

United Arab Emirates — $215 million grant.

South Korea — $200 million over four years in addition to $60 million committed this year.

China — $24.2 million.

India — $30 million for 2004.

Norway — $34 million for transitional and development aid.

Switzerland — $15 million.

Oman — $3 million.

Philippines — $1 million.

Slovakia — $290,000.

Sri Lanka — nearly $1 million in goods, including 100 tons of tea.

International Monetary Fund — $850 million in loans next year, $2.5 billion to $4.25 billion through 2007.

World Bank — $3 billion to $5 billion in loans over five years.


The World Bank estimates Iraq needs a total $56 billion over the next four years, but notes donors are not expected to give the entire amount. Oil revenue, private investment and other revenue will contribute eventually. The World Bank has estimated Iraq could absorb only about $5.6 billion in aid the first year, although U.S. officials dispute that.