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

Laura Christensen
February 14, 2018

Tillerson made the assertion at a press conference held in Kuwait, where he is attending a high-level meeting between members of a US -led coalition against the Daesh terrorist group.

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.

The three-day KICRI kicked off Monday in Kuwait City, which brought together several economic powers, as well as regional and worldwide organizations, to make contributions to rebuilding Iraq after many years of war and conflict that ripped through various parts of the country. "It can not be undertaken alone, which calls us to the worldwide community to take part of this mission", he said on the last day of the conference in Kuwait City.

Earlier in the day, Kuwait's ruling emir said his oil-rich nation will give $1 billion in loans and $1 billion in direct investments to help rebuild Iraq.

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.

United States and its partners appreciate Russia's professionalism in Syria - coalition
That official also said the military assesses that some of the Russian contractors were killed in the United States counterstrike. US-led coalition in Syria killed more than 100 Syrian regime forces on Wednesday in response to an attack on one of its bases.

The fund also says it reached an agreement with Iraq to settle its outstanding dues to the organization, allowing it to fully rejoin it.

Qatar, which has been isolated from a quartet of Arab nations, announced it would contribute $1 billion with Germany pledging another 400 million euros, and the European Union 400 million euros.

The Emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, has pledged $2 billion to the reconstruction of Iraq.

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

The announcement Wednesday falls short of the $88.2 billion requested by Iraq, however it is far higher than the amount previously announced by those taking part.

Other reports by My Hot News

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