By Claudia Parsons

UNITED NATIONS, Dec 21 (Reuters) - The U.N. Security Council on Friday urged donors who pledged $7.4 billion in aid to the Palestinians in Paris this week to come up with the cash quickly to shore up the peace process.

At Monday's meeting in Paris, international donors pledged that sum over three years to support the Western-backed government of President Mahmoud Abbas, who is negotiating peace with Israel.

The funds are designed to revive the Palestinian economy and strengthen Abbas in a struggle with Hamas Islamists who control the Gaza Strip.

The donors' meeting followed a U.S.-hosted conference in Annapolis last month, which relaunched talks to create a Palestinian state, aiming to reach a deal next year.

Security Council president Marcello Spatafora of Italy said the council welcomed the donors' conference as "an important step in a broader process aiming at the realization of the vision of two states living side by side in peace and security."

"The members of the Security Council ... urge a rapid disbursement of these pledges, based on equitable burden-sharing among all donors," his statement said.

Many analysts doubt the peace effort will go far because of Palestinian divisions and Israeli Prime Minister Ehud Olmert's weak position at the head of a fragile governing coalition.

Palestinian Ambassador Riyad Mansour said the council's statement showed it was determined to remain engaged in the peace process. (Editing by Alan Elsner)

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