Iraqi Reconstruction to Take 10 Years, US$93bn: Spain

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Last updated at: (Beijing Time) Saturday, May 10, 2003

Iraqi Reconstruction to Take 10 Years, US$93bn: Spain

The reconstruction in Iraq will take 10 years and 93 billion US dollars in resources, a Spanish special commission estimated.

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The reconstruction in Iraq will take 10 years and 93 billion US dollars in resources, a Spanish special commission estimated.

Local media reported on Friday that the Commission of Spanish Participation in the Reconstruction of Iraq (CSPRI) said that during the first 24 months, nearly 18 billion dollars will be needed and for an additional eight-year period, some 75 billion more will have to be poured in.

Fernando Diez, a CSPRI commissioner, released to the media on Thursday a report that gave detailed information to Spanish businessmen who participated in an event organized by the Chambers of Commerce.

The process of reconstruction in Iraq, according to the report, is divided into two phases. In the first phase, the participation of the US Agency for International Development will be taken into consideration with a budget of 1.7 billion dollars for immediate tasks, and in the second phase, a donor fund will be created.

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