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

14 February 2018, 06:52 | Floyd Cook

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

“We need to rely on all our neighbours and friends to help Iraq invest in its future,” Iraqi Prime Minister Haider al Abadi said. Overall Baghdad is seeking $88.2 billion in aid from donors

UAE Minister of State for Foreign Affairs Anwar Gargash later tweeted that there were also $5.5 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. Germany said it would provide $350 million in assistance.

Riyadh pledged on Wednesday $1.5 billion to help rebuild Iraq after the war against ISIS terrorist group.

Kuwait will give $US1 billion ($A1.4 billion) in loans and $US1 billion in direct investments, a stunning donation as only a generation ago Saddam Hussein invaded the small, oil-rich nation. "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.

"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.

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


The Emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber al-Sabah (L front) and United Nations Secretary-General Antonio Guterres (R front) attend the ministerial meeting of the Kuwait International Conference for the Reconstruction of Iraq (KICRI) in Kuwait City, Kuwait, Feb. 14, 2018.

"The U.N. Development Program's Funding Facility for Stabilization is working in 25 cities and districts, supporting the return of displaced people to their homes", the U.N. chief said, adding that 2.5 million remained displaced.

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.

Iraq is seeking $88.2 billion in aid from donors to fund its reconstruction efforts. Iraqi army soldiers and allied fighters then launched operations to eliminate Daesh and retake lost territory.



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