BRUSSELS, Jan. 28 (UPI) -- The European Commission announced Friday that it was sending an additional $260 million for reconstruction costs in Iraq.
"Our proposal means that we will be significant partners for the new Iraqi administration," said Benita Ferrero-Waldner, external relations commissioner in a statement.
"2005 will be a critical year for Iraq and we remain committed to reconstructing the country under the newly elected transitional government, and to improving the political situation and the lives of the Iraqi people," she added.
The $260 million (200 million euros) will be placed in the International Reconstruction Fund Facility for Iraq, monitored by the World Bank and the United Nations.
The EU earmarked $169 million (130 million euros) for boosting essential services, like education, health and employment, while $19 million (15 million euros) is set aside for technical services to help build up energy and trade.
Additionally, $13 million (10 million euros) will go to support the political process, including drafting the Iraqi Constitution, while another $58 million (45 million euros) have been set aside as a reserve fund for the elected Iraqi government.
