Investment and development pledges for Iraq at $30 billion - Kuwaiti Foreign Minister

A worker repairs a house in Mosul Iraq
A worker repairs a house in Mosul Iraq
Author

14 February, 2018

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.

Saudi Arabia has pledged $1.5 billion and Qatar has pledged $1 billion to help rebuild Iraq after the war with ISIL.Britain said it would grant Iraq export credit of up to $1 billion per year for a decade.The United States said on February 13 that it was extending a $3 billion credit line but has not provided any direct government assistance.

Dr Anwar Gargash, UAE minister of state for foreign affairs, announced the United Arab Emirates would pledge $500 million.

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.

Iraq received billions of dollars in credit lines, loans, and investment from Turkey, Gulf Arab allies, Europe, and other countries, their representatives announced at an global conference in Kuwait on Wednesday.

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Iraq's Prime Minister Haidar Al Abadi said he was looking forward to "real and strategic" partnerships, as well as collaborations with countries in the region.

Daesh came to prominence in Iraq in 2014 when the group captured the northern cities of Fallujah, Mosul and Tikrit, representing nearly a third of the country.

That the conference is being hosted in Kuwait is of particular significance given the history of animosity between the two states.

Iraq invaded oil-rich Kuwait in 1990 under former dictator Saddam Hussein, before it was forced to withdraw by a US -led military coalition. The US-led coalition subsequently liberated it in 1991.

The conference also represents a move by key Sunni states to support Shia Iraq as part of a wider regional power play to curb Iran's influence in the area. Iraqi army soldiers and allied fighters then launched operations to eliminate Daesh and retake lost territory. Iranian Foreign Minister Mohammad Javad Zarif is in Kuwait to participate in the conference which comes to an end today.


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