A multi-billion-dollar fund for rebuilding Bosnia is to be formed when and if a peace accord is achieved.

Chancellor Helmut Kohl warned other members of the European Union today that Germany expects them to shoulder a large part of the cost of rebuilding Bosnia.

Mr. Clinton also estimated that the United States would have to spend between $500 million and $600 million over several years for an international effort to rebuild Bosnia.

They complain that the United States is too poor to rebuild Bosnia.

Some analysts said it could be patterned on the $5-billion, four-year plan to help rebuild Bosnia in which several nations are participating.

A year after the United States and other donors pledged nearly $2 billion to rebuild Bosnia, most of the country remains in tatters, international aid organizations and Clinton Administration officials say.

"Somebody has got to rebuild Bosnia," he said, "Why not Dayton?"

"If this collapses, then there is no hope left to rebuild Bosnia."

In the longer term, the rebuilding job seems likely to be far bigger than the $5 billion, five-year international effort to rebuild Bosnia after the end of the conflict there, officials said.

The Bosnian Serbs are refusing to attend an international conference on raising money for rebuilding Bosnia, an official helping oversee the peace accord said today.