Kuwait Pledges $2 Billion for Reconstructing Iraq

Kuwait Pledges $2 Billion for Reconstructing Iraq

"As a neighbor, friend and reliable partner, we will always stand by our Iraqi brothers", Çavuşoğlu said on his Twitter account on February 14.

The fund also says it reached an agreement with Iraq to settle its outstanding dues to the organization, allowing it to fully rejoin it. "Economic, social, cultural projects and aids by TIKA will continue as well", he added.

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

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.

The three-day KICRI kicked off Monday in Kuwait City, which brought together several economic powers, as well as regional and global organizations, to make contributions to rebuilding Iraq after many years of war and conflict that ripped through various parts of the country.

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Kuwait will give $US1 billion ($A1.4 billion) in loans and $US1 billion in direct investments, a stunning donation as only a generation ago Saddam Hussein invaded the small, oil-rich nation.

Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah met on Tuesday with EU Foreign Policy Chief and Vice President of the European Commission, Federica Mogherini on the occasion of her visit and participation in the International Coalition Against IS conference and Kuwait International Conference for the Reconstruction of Iraq (KICRI), hosted in Kuwait this week.

The announcement Wednesday falls short of the $88.2 billion requested by Iraq, however it is far higher than the amount previously announced by those taking part.

"The UN Development Programme's Funding Facility for Stabilization is working in 25 cities and districts, supporting the return of displaced people to their homes", he said.

He also announced a new, two-year Recovery and Resilience Program.

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