money

Short article in Middle East North Africa Financial Network on an upcoming meeting in Cairo.

The Arab Investors Union is to hold a meeting next week in Cairo bringing together Arab businessmen, including Saudis and Iraqis, to discuss the participation of the private sector in the reconstruction of Iraq.

The meeting is in response to a call by the Iraqi Investors Union (IIU) for Arab investors to help the Iraqi people revive their economy. The IIU also has urged Arab countries to send delegations to Iraq to explore the markets and search for opportunities for investment.

In regards to funds from donor nations for reconstruction in Iraq, Japan has agreed to $1.5 billion dollars, Britain has pledged $439 million and the European Union is pitching in an additional $233 million. These funds are in addition to earlier pledges.

The World Bank has estimated Iraq needs $55 billion in aid to finance its reconstruction until the country's oil industry gets on its feet.

The World Bank, as reported by the Financial Times, is said to be considering lending $4 billion dollars to Iraq. The International Monetary Fund is expected to follow the World Bank's lead for an as yet undetermined loan amount.

The international donors conference is coming up in Madrid, Spain on October 23 and 24th. So far, incoming funds look to be short of the $55 billion dollar needed.