United Nations chief reiterates firm support for reconstruction in Iraq

Casey Dawson
February 14, 2018

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

Britain pledged up to $1 billion annually in export credit over 10 years and Japan said it would contribute $100 million this year to Iraq through United Nations agencies and global organisations.

It made the announcement on Wednesday at a conference in Kuwait City.

The Kuwait-based Arab Fund says Iraq will receive $1.5 billion in infrastructure aid in coming years after the war against the Islamic State group.

Mogherini expressed her deep appreciation to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for hosting KICRI, co-chaired by Kuwait, the Republic of Iraq, the United Nations, the European Union, and the World Bank. $330 million have also been pledged towards humanitarian assistance by worldwide NGOs. Saudi Arabia pledged $1.5 billion.

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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.

Luaibi said the downstream investment would lift refining capacity to 1.5 million bpd by 2021, with 500,000 bpd of that earmarked for export.

Turkey announced $5 billion in loan funds and credit easing, while the Islamic Development Bank announced a contribution of $500 million.

Iraq invaded oil-rich Kuwait in 1990 under former dictator Saddam Hussein, before it was forced to withdraw by a US -led military coalition.

U.S. Secretary of State Rex Tillerson said Tuesday that the restoration of Arab Gulf unity was in the best interest of all parties in the region.

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