Kuwait shows support towards Iraq's reconstruction bid, pledges of $2 billion

Top US diplomat urges unity among Arab Gulf States

Donors and investors have gathered in Kuwait this week to discuss efforts to rebuild Iraq's economy and infrastructure as it emerges from a conflict with Islamic State militants who seized nearly a third of the country.

"We will also provide project support of 50 million dollars to Iraq".

Some would be turnkey projects, in which contractors would hand over facilities to Iraq, while others would be build-operate-transfer deals in which private firms would receive concessions to operate facilities.

Earlier in the day, Kuwait's Emir Sheikh Sabah Al Ahmad Al Sabah said his country will give $1 billion in loans and $1 billion in direct investments to help rebuild Iraq.

Meanwhile, the United Nations chief also urged the global community to back the reconstruction of Iraq.

Sheikh Sabah, the Emir of Kuwait and host of the three day global donor conference, announced on Wednesday $1-billion in loans for reconstruction projects in Iraq and another $1-billion of investments to help rebuild areas wrecked by ISIL.




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

Overall, Iraq is seeking $88.2 billion in aid from donors.

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.

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

During his participation in the Kuwait International Conference for Reconstruction of Iraq, the Minister of Foreign Affairs expressed his appreciation to the Amir of Kuwait, His Highness Shaikh Sabah Al-Ahmed Al-Jaber Al-Sabah for extending an invitation to him to participate, and for his initiative to host the conference.

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

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