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International support for Iraq
At the October 2003 Madrid International Donors’ Conference, over US$32
billion was pledged for the reconstruction of Iraq. This includes US$21 billion
from the United States, US$5 billion from Japan, and over US$5 billion in
lending from the World Bank and International Monetary Fund (IMF). All of this
is to be spent between 2004 and 2007. So far more than US$19 billion has been
disbursed.
The Madrid Conference also set up the
 International Reconstruction Fund
Facility for Iraq (IRFFI), which gives donors a multilateral channel for their
assistance. The IRFFI contains two primary trust funds, one managed by the World
Bank, the other by the United Nations. Current donor commitments to the IRFFI
total about US$1.4 billion. There are currently 111 IRFFI projects – 101 UN and
10 World Bank, in various stages of completion.
- The
United States has disbursed over 70% of its US$21 billion commitment.
The US continues to spend quickly and expects to have disbursed most of its
current funds for reconstruction by the end of 2006.
- All of
Japan’s US$1.5 billion grant funding is fully committed and much of
it disbursed; the Japanese are in discussion with the Iraqi Government on the
allocation of their US$3.5 billion soft loan pledge.
- The
European Community has allocated over US$460 million for Iraq
reconstruction, in addition to US$100 million in humanitarian assistance in
2003. This is mostly channelled through the multilateral trust funds (US$316
million to the UN and US$150 to the World Bank).
-
Canada has pledged about US$230 million for Iraq’s humanitarian relief and
reconstruction.
- The
World Bank has pledged to offer at least US$3 billion in lending to
Iraq. Two International Development Association (IDA) loans have already been
approved – an US$100 million Emergency Education Project to help alleviate
school overcrowding and assist education reform, and an US$135 million IDA
Transportation Project that will help to rehabilitate Iraqi roads and bridges.
- The
International Monetary Fund has offered to provide over US$2.55 billion
in lending to Iraq if needed. In September 2004, the IMF approved an Emergency
Post Conflict Assistance package that provided US$430 million in balance of
payments support. In December 2005, the IMF approved a Stand-By Arrangement for
Iraq that provides about US$685 million in balance of payments support.
- Other donors made smaller pledges and operate mostly by providing
assistance such as training outside Iraq or through contributions to the
IRFFI
Trust Funds.
Last updated 17 April 2007
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