Kuwait pledges $2 billion in loans, investments to Iraq

Posted February 14, 2018

The event, dubbed the Kuwait International Conference for Reconstruction of Iraq, entered its second day in Kuwait City on Tuesday, with world leaders and senior politicians in attendance.

UAE Minister of State for Foreign Affairs Anwar Gargash later tweeted there was also $US5.5 billion from the UAE in private investments in Iraq "in addition" to his country's pledge but it was not clear if this was a new announcement.

In a bid to assist in the rebuilding of Iraq, from the destruction the nation witnessed during it fight against Islamic State extremists, Kuwait has pledged to lend $1 billion and another $1 billion in investment to the country.

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Turkey announced $5 billion in loan funds and credit easing, while the Islamic Development Bank announced a contribution of $500 million. Germany said it would provide $350 million in assistance.

The Qatari Minister of Foreign Affairs, Sheikh Mahmoud Bin Abdulrahman Al Thani, also said that his country is committed to supporting reconstruction of Iraq, pledging around $1 billion.

Other global players participating in the conference have also pledged their support, with the European Union promising €400 million ($494 million) in investment and the United States extending its $3 billion credit line, but not promising any direct government aid.

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"Iraq can not commence the mission of rebuilding itself without support, which is why we are all here today from all around the world, to stand by Iraq's side", Sheikh Sabah said.

Iraq secured almost $25 billion in the first few hours of the final day of an worldwide donors' conference in Kuwait City, which was still ongoing.The biggest pledge at the gathering in Kuwait thus came from Turkey at the meeting.

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

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