Arabic | Kurdish




Billions pledged for Iraq reconstruction, still short of Baghdad's goal

2018/02/14 | 18:20

(Iraq Now News)- ERBIL, Kurdistan Region (Kurdistan 24) – Several countries continued to pledge billions of dollars as a donor conference on the reconstruction of Iraq following the defeat of the Islamic State (IS) held in Kuwait wrapped up on Wednesday.

Despite the contributions and investments from Iraq’s allies, the amount donated still fell short of Baghdad’s goal of $88.2 billion needed to recover from the IS war.

Iraq’s southern Arab neighbors pledged billions of dollars with Saudi Arabia providing $1 billion through its Saudi Fund for Development and $500 million in export credit, Foreign Minister Adel Jubeir revealed at the conference.

Kuwait’s Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah said his country would “earmark $1 billion in loans to Iraq and will commit to another $1 billion as investments.”

Qatar pledged $1 billion in loans and investments and the United Arab Emirates promised $500 million, adding there was $5.5 billion in private sector investments in Iraq.

Turkey’s Foreign Minister Mevlut Cavusoglu said his government would give Iraq $5 billion in credit lines, Reuters reported.

Note: The post (Billions pledged for Iraq reconstruction, still short of Baghdad's goal) appeared first on (Kurdistan 24) and do not necessarily reflect the position of IraqNow.news.
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