Brussels, June 29 (Tanjug) - Ranking officials from 42 countries and 25 international organisations, who participated in the donors' conference for Yugoslavia in Brussels on Friday, pledged donations worth 1.28 billion dollars, which exceeds the targetted amount by 30 million dollars.

Representatives of many countries participating in the conference stressed Yugoslavia's marked progress in many fields and voiced their readiness to give financial support to encourage economic and political reforms in the country.

The pledged funds will be directed to two key areas - to projects and budgetary needs, Labus told Yugoslav reporters. He said that the total value of donations might exceed US$ 1.28 billion, since some countries said they would decide on their donations at a later date and inform Belgrade about their decisions.

Labus said that the conference had succeeded in many ways and that the main thing was that the country was already able to say that it was going to Europe.

The first funds that were promised at the conference - US$ 30 million granted by the World Bank - will arrive in Yugoslavia by late July.

Donations of the European Union and many other countries will follow.

Head of the Yugoslav delegation to the conference Miroljub Labus said after the conference that this was a historic moment for Yugoslavia. Labus said he was very pleased with the trust donors had showed towards the democratic processes and transition in Yugoslavia.

Conference co-chairman Catherine Day of the European Commission, said that the people of Yugoslavia and Yugoslav authorities had bravely started democratic processes six or seven months ago and that it was quite certain that Yugoslavia was now entering the family of European democracies.

Co-chairman Johannes Linn of the World Bank voiced a similar view and said that the value of today's donations was the best international response to the democratic changes in Yugoslavia.