World Bank Estimates Iraq Needs $55B

[ze_dscherman]

WASHINGTON - A study by the World Bank and other international organizations estimates that Iraq needs $55 billion in economic aid to finance its reconstruction until the country's oil industry gets on its feet.


It will take about $19 billion to develop an Iraqi military force and help revive oil production and exports, and another $36 billion is needed for other areas of infrastructure, a U.S. official said Friday.


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Only American companies are eligible for contracts financed by U.S. contributions, but foreign companies may obtain contracts under non-U.S. international assistance, said the official, who spoke on condition of anonymity. For instance, a British firm is being engaged to print new currency for Iraq, this time without Saddam's picture.


The Bush administration's proposed resolution is designed to gain international financial and military support by giving the United Nations a larger role in Iraqi reconstruction. But widespread demands for a rapid end to the U.S. military occupation, and the turning over of control to Iraqi civilians, have posed hurdles to Security Council approval.

More: http://story.news.yahoo.com/news?tmpl=story&cid=540&ncid=721&e=7&u=/ap/20031010/ap_on_re_mi_ea/us_iraq