EU Approves Independent Iraq Reconstruction Fund

Thursday, 31 July 2003, 12:49 pm
Press Release: German Government

EU foreign ministers approve independent reconstruction fund for Iraq

EU foreign ministers yesterday approved a plan to create a trust fund to assist in the reconstruction of Iraq. At the Council meeting on external relations held in Brussels on July 21 the foreign ministers of EU member and acceding countries approved the plan as proposed by External Relations Commissioner Chris Patten.

The trust fund is not to be controlled by the US and British interim administration in Iraq but rather jointly by the United Nations, the World Bank, and other international organizations. German Foreign Minister Joschka Fischer welcomed the decision, saying he considers the creation of a reconstruction fund to be a very sensible move. The ministers have not yet spoken about the size of the contributions to be made to the fund.

EU foreign ministers also met in separate talks with Israeli Foreign Minister Silvan Shalom and his Palestinian counterpart Nabil Shaath to discuss the status of the Middle East peace process.

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