Published: Wed, February 14, 2018
World | By Melba Underwood

Allies pledge billions to rebuild Iraq after years of conflict

Allies pledge billions to rebuild Iraq after years of conflict

He noted that this is not new to HH the Amir, nor to the State of Kuwait, which hosted several conferences of donors and provided support to Arab countries, expressing hope that the conference will succeed in achieving positive results.

The Emir of Kuwait told the conference that the security and stability of Iraq is integral to his country's stability and that of the wider region, and that in pledging money to aid reconstruction the worldwide community was recognising the huge sacrifices Iraq has made in the face of terrorism.

Mr Abadi also said Baghdad was seeking to restore confidence in an global community suffering from donor fatigue.

The war against the Islamic State group displaced more than 5 million people in Iraq, only half of whom have returned to their hometowns.

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.

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.

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"We will also provide project support of 50 million dollars to Iraq". Saudi Arabia pledged $1.5 billion.

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

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.

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

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. Saddam was later toppled by the 2003 US invasion.

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