March 22, 2018

Kuwait-based fund pledges 1.5 billion to Iraq

14 February 2018, 06:50 | Simon Arnold

Kuwait-based fund pledges 1.5 billion to Iraq

Kuwait pledges $2bn to Iraq reconstruction

Kuwait's Ministry of Foreign Affairs said a total of $30 billion had been secured at the conference.

Speaking at the International Conference for the Reconstruction of Iraq now being held in Kuwait, the Emir announced his intention to lend $1 billion to Iraq and invest a further $1 billion in the country.

Baghdad has said it needs almost $90 billion to rebuild after a grisly war with the Islamic State of Iraq and the Levant (ISIL) militants which devastated homes, schools, hospitals and economic infrastructure, displacing millions of people.Governments from around the world on February 14 pledged billions of dollars in loans and investment for the reconstruction of Iraq, a nation reeling from a three-year war against ISIL. Iraq needed far more donations on Wednesday, the last day of an appeal for funding to come forward at the Kuwait conference.

Qatar announced $1 billion in loans and investments while the United Arab Emirates pledged $500 million for rebuilding.

Kuwait has said it will provide next-door Iraq with $1 billion in loans and another $1 billion in direct investments. "Iraq can not commence the mission of rebuilding itself without support".

Saudi Arabia and Qatar also said they would allocate $1.5 billion and $1 billion, respectively.

Iraqi Prime Minister Haider al-Abadi (L), Emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber al-Sabah (C) and UN Secretary General Antonio Guterres attend the second day of an global conference for the reconstruction of Iraq, in Kuwait City, on February 14, 2018.

Iraqi Prime Minister Haider al-Abadi also told the meeting that his government had managed to repatriate half of the displaced.

Overall, Iraq is seeking $US88.2 billion in aid from donors. Iran has provided Iraq with substantial support in the fight against Daesh backing the Popular Mobilisation Forces which now form part of the Iraqi Army.

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