The Paris conference to raise funds for the Palestinians has gone beyond expectations, with donors pledging of $7.4 billion to help build a Palestinian state.

Quartet Representative and conference co-chair Tony Blair said the money would be used for "building the capacity and the institutions for the Palestinian state."

"Over the next few months what we have got to show to people is that we are capable of making the difference on the ground," he said.

The Palestinian government had sought $5.6 billion over three years, funds designed to revive the moribund Palestinian economy and strengthen Abbas in a struggle with Hamas Islamists who seized control of the Gaza Strip in June.

"We see it as an important vote of confidence by the international community," Palestinian Prime Minister Salam Fayyad told a closing news conference hours after Abbas warned of serious consequences if the support hoped for was not forthcoming.

"The real winner is the Palestinian state," said French Foreign Minister and conference co-chair Bernard Kouchner.

For further details of the pledges and to listen to the speeches click here.