Kuwait to give $2bn in loans, direct investments to help rebuild Iraq

Saul Bowman
February 14, 2018

Speaking on the sidelines of a major donor conference in Kuwait, H E Sheikh Mohamed bin Abdulrahman Al-Thani, said Qatar would provide a package of loans and investment worth $1 billion to focus on infrastructure projects.

Pledges were still expected to fall short of the level desired. UN is firmly committed to the reconstruction process in Baghdad, said UN Secretary-General Antonio Guterres on Wednesday in Kuwait.

Iraq will receive billions of dollars in credit lines, loans and investment from Turkey, Gulf Arab allies, Europe and other countries, their representatives have announced at a conference to help Iraq rebuild after the devastating war against Islamic State.

Dr Anwar Gargash, UAE minister of state for foreign affairs, announced the United Arab Emirates would pledge $500 million.

The Kuwaiti capital is hosting the second day of an global conference aimed at raising funds for reconstructing Iraq, which is reeling from the Daesh terror group's campaign of death and destruction.

Saudi Arabia's foreign ministry said his country was providing a $US1 billion loan through its Saudi Fund for Development and $US500 million in export credit.

European Union's foreign policy chief, Federica Mogherini, promised 200 million euros ($A314 million).

Iraq's Prime Minister Haidar Al Abadi said he was looking forward to "real and strategic" partnerships, as well as collaborations with countries in the region.

On the reconciliation process in Iraq, he said it should guarantee Iraqis of all sects equal opportunities.

"There are more than five million internally displaced persons in Iraq".

Iraq is seeking $88.2 billion in aid from donors to fund its reconstruction efforts.

He highlighted the need for an "all-inclusive reconciliation process", calling on Iraqi authorities to abide by UN Resolution 1325, which addresses the impacts of armed conflicts on women.

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