Spain's Deputy Prime Minister and Economy Minister, Rodrigo Rato, announced in Madrid Friday that his country will provide US$300 million for the reconstruction of Iraq between 2003 and 2007.

At the end of a meeting with the Council of Ministers, Rato said the amount provided by the Spanish government will be channeled into the Fund for the Reconstruction and Development of Iraq during the International Conference of Donors.

The conference will take place in Madrid on Oct. 23-24, Rato said after presenting a report on the issue before the Council of Ministers.

During the 2003-2004 period, Spain will offer US$160 million of the US$300 million under consideration. The payment of the remaining US$140 million will be made in 2005-2007.

Of the total amount committed until 2007, nearly US$210 million would be considered as donations, US$75 million as licensing credits (with a percentage as donations as well) and the remaining US$15 million would serve for project-viability studies in Iraq.

(Xinhua News Agency October 18, 2003)