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

Feb 14, 2018, 18:51
Kuwait to give $2bn in loans, direct investments to help rebuild Iraq

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 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 global community was recognising the huge sacrifices Iraq has made in the face of terrorism.

The pledge came as a surprise as Iraq is also set to resume payments to fully meet the $4.6 billion still owed to Kuwait in reparations for the destruction of oil production during the Gulf War.

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

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Kuwait has said it will provide next-door Iraq with $1 billion in loans and another $1 billion in direct investments.

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

Qatar announced $US1 billion in loans and investments while the United Arab Emirates pledged $US500 million for rebuilding.

The Islamic Development Bank also pledged $500 million toward reconstruction in Iraq.

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Turkey said on Wednesday it would give Iraq $US5 billion in credit lines.

The announcement is in many ways stunning - many at the gathering in Kuwait remember how Iraq under dictator Saddam Hussein invaded Kuwait only a generation ago.

Kuwait's offer by the country's ruling emir, Sheikh Sabah Al Ahmad Al Sabah, shows the deep interest his nation has in making sure Iraq becomes a peaceful, stable country after the war against the Islamic State group and the chaos that followed the 2003 US-led invasion of Baghdad. Saddam was later toppled by the 2003 USA invasion.

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