Kuwait-based fund pledges 1.5 billion to Iraq

Kuwait-based fund pledges 1.5 billion to Iraq

Saudi Arabia's foreign ministry said his country was providing a$1 billion loan through its Saudi Fund for Development and $500 million in export credit.Turkey said it would give Iraq $5 billion in credit lines.

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.

Turkish Foreign Minister Mevlut Cavusoglu also pledged $5 billion in the form of loans and investment. "Iraq can not commence the mission of rebuilding itself without support".

Meanwhile, the United Nations chief also urged the global community to back the reconstruction of Iraq. $330 million have also been pledged towards humanitarian assistance by worldwide NGOs.

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.

More news: United Kingdom firms plan biggest pay rises since 2008, boosting rate hike case

Iraqi Prime Minister Haider al-Abadi also told the meeting that his government had managed to repatriate half of the displaced.

United Nations Secretary General Antonio Guterres urged the worldwide community to address the scope of devastation that the war in Iraq has caused, saying the UN is firmly committed to the reconstruction process in Baghdad, which he reiterated would be a "daunting task.to ensure a unified nation". There are also refugees from Syria.

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

The coalition, which includes 74 countries, was cobbled together in late 2014 after the terrorist group overran vast swathes of territory in Iraq and Syria.

Abadi declared victory over the Takfiri outfit in December 2017.

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