Iraq urges donors to free funds
Billions are needed to rebuild Iraq's infrastructure
Iraq's interim government has asked donors to release $4bn urgently for priority projects to rebuild the country, ravaged by war and sanctions.
"Our needs are enormous and urgent," Iraqi's planning minister, Mehdi al-Hafidh, told a conference in Abu Dhabi.
The donor conference is studying how the $33bn pledged last year for reconstruction in Iraq will be spent.
The World Bank has warned there is a "huge danger" funds could be mis-spent and hurt Iraq's economic future.
Pledges
The conference brings together delegates from some 40 countries, as well as the World Bank, the International Monetary Fund and the Untied Nations.
A guide to living conditions and the reconstruction effort in Iraq
In detail
It aims to flesh out the $33bn contributions pledged by donors in Madrid last October.
At the time, estimates for how much Iraq needed reached $54bn.
"It is high time the promises made in Madrid were honoured," Mr Hafidh was quoted as saying by the French news agency, AFP.
But a senior World Bank official has said Iraq will only receive about $500m up to the 30 June deadline for the transfer of power to Iraqis.
"The total package we are trying to commit by 30 June, which is our target, is over half a billion dollars which is a reasonable chunk of money," John Speakman told AFP.
Big business
Mr Speakman said the World Bank would have to set up proper rules for public procurement to avoid corruption.
"There is a huge danger that these sums will be misallocated, mis-spent, or not dealt with in a transparent way."
The BBC's Julia Wheeler, reporting from the United Arab Emirates, says the meeting is technical, more concerned with streamlining the mechanics of disbursing funds and understanding the implementation of projects rather than securing further donations.
Many UAE companies stand to gain greatly once the economic and political situation in Iraq becomes more stable, she adds.
Hundreds of firms from cigarette and car companies to airlines and chocolate manufacturers are poised to expand their businesses into the potentially highly lucrative Iraqi market.
http://news.bbc.co.uk/1/hi/business/3495252.stm
Billions are needed to rebuild Iraq's infrastructure
Iraq's interim government has asked donors to release $4bn urgently for priority projects to rebuild the country, ravaged by war and sanctions.
"Our needs are enormous and urgent," Iraqi's planning minister, Mehdi al-Hafidh, told a conference in Abu Dhabi.
The donor conference is studying how the $33bn pledged last year for reconstruction in Iraq will be spent.
The World Bank has warned there is a "huge danger" funds could be mis-spent and hurt Iraq's economic future.
Pledges
The conference brings together delegates from some 40 countries, as well as the World Bank, the International Monetary Fund and the Untied Nations.
A guide to living conditions and the reconstruction effort in Iraq
In detail
It aims to flesh out the $33bn contributions pledged by donors in Madrid last October.
At the time, estimates for how much Iraq needed reached $54bn.
"It is high time the promises made in Madrid were honoured," Mr Hafidh was quoted as saying by the French news agency, AFP.
But a senior World Bank official has said Iraq will only receive about $500m up to the 30 June deadline for the transfer of power to Iraqis.
"The total package we are trying to commit by 30 June, which is our target, is over half a billion dollars which is a reasonable chunk of money," John Speakman told AFP.
Big business
Mr Speakman said the World Bank would have to set up proper rules for public procurement to avoid corruption.
"There is a huge danger that these sums will be misallocated, mis-spent, or not dealt with in a transparent way."
The BBC's Julia Wheeler, reporting from the United Arab Emirates, says the meeting is technical, more concerned with streamlining the mechanics of disbursing funds and understanding the implementation of projects rather than securing further donations.
Many UAE companies stand to gain greatly once the economic and political situation in Iraq becomes more stable, she adds.
Hundreds of firms from cigarette and car companies to airlines and chocolate manufacturers are poised to expand their businesses into the potentially highly lucrative Iraqi market.
http://news.bbc.co.uk/1/hi/business/3495252.stm
