Russian Troops in Georgia (August 2008) -- Image From BBCDonors Pledge $4.55B For Georgia War Recovery
-- Canada.com
-- Canada.com
BRUSSELS - International donors pledged a higher-than-expected $4.55 billion on Wednesday to help Georgia recover from its war with Russia, and Washington called it an extraordinary sign of solidarity at a time of financial turmoil.
The European Commission said the sum pledged at a one-day conference in Brussels included $3.7 billion in public loans and grants and $850 million from the private sector.
"Four and a half billion dollars far exceeds the expectations we had ... At a time like this to show such support is something that no Georgian will ever forget," Georgian Prime Minister Lado Gurgenidze told a news briefing.
The head of the U.S. government aid agency said it was a great show of support.
"The message economically and politically is very strong for Georgia. At a time of financial turmoil, this is extraordinarily strong," USAID administrator Henrietta Fore told Reuters.
The United Nations and the World Bank had estimated that Georgia, a key energy transit route, would need $3.25 billion over the next three years to help tens of thousands of people forced from their homes and repair and develop infrastructure.
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My Comment: This amount of money falls short for what is necessary. It is just a band aid on a very big and long term problem.