Despite being hard-strapped for cash, Iceland has decided to participate in the Shanghai World Expo 2010, hoping the six-month expo may help restore its sinking economy, an official of the executive committee of the event said yesterday.

The minimum cost of participating in the expo, which includes the exhibition space, is about 40 million yuan ($5.8 million), according to the official website of the expo.

With Iceland signing the contract, the total number of confirmed participants at the expo, which begins May 1, 2010, has gone up to 231, including 185 countries and 46 international organizations, as of Feb 23.