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Spain to contribute $5.2 billion to G20 fund
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12:11, April 03, 2009

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Spain will contribute 4 billion euros (5.2 billion U.S. dollars) to the 1.1 trillion-dollar fund agreed at the G20 Summit on Thursday to fight the world recession, local media reported Thursday.

Spanish Prime Minister Jose Luis Rodriguez Zapatero announced the decision in London, the venue of the G20 Summit.

The summit has given us necessary trust about the recession to "reach the bottom" in the second half of the year, Rodriguez Zapatero said.

Leaders from the Group of 20 agreed on Thursday to contribute 1.1 trillion U.S. dollars to restore credit, growth and jobs in the world economy.

Of the money, 500 billion dollars are newly pledged funding for the IMF to lend to countries affected by the financial crisis, 250billion dollars for new Special Drawing Rights of the IMF and 100 billion dollars for the multilateral development banks to lend to poor nations.

Meanwhile, 250 billion dollars will be devoted to revive world trade, which are stalled at the moment.

Source: Xinhua

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