Kuwait pledges $2 billion in loans, investments to Iraq

14 February, 2018, 18:50 | Author: Brenda Erickson
  • Kuwait pledges $2 billion in loans, investments to Iraq

UAE Minister of State for Foreign Affairs Anwar Gargash later tweeted that there were also $5.5 billion from the UAE in private investments in Iraq "in addition" to his country's pledge but it was not clear if this was a new announcement.

Overall, Iraq is seeking $US88.2 billion in aid from donors.

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.

"We will also provide project support of 50 million dollars to Iraq".

Neighbouring Kuwait said earlier on Wednesday it would lend Iraq $1 billion and commit a further $1 billion in investments.

Minister of Foreign Affairs, Shaikh Khalid bin Ahmed bin Mohammed Al Khalifa, affirmed that the Kingdom of Bahrain has continuously supported the Republic of Iraq in its fight against the terrorist organisation of Daesh in building the new Iraq and in the worldwide recognition of the Republic of Iraq.

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Other worldwide players participating in the conference have also pledged their support, with the European Union promising €400 million ($494 million) in investment and the U.S. extending its $3 billion credit line, but not promising any direct government aid.

Mogherini expressed her deep appreciation to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for hosting KICRI, co-chaired by Kuwait, the Republic of Iraq, the United Nations, the European Union, and the World Bank.

At the press conference, Tillerson commented extensively on the months-long political crisis pitting Qatar against a four-nation bloc led by Saudi Arabia.

Iraq aims to secure investments worth $100 billion to rebuild its infrastructure after a three-year war against ISIS.

The Kuwaiti capital is hosting the second day of an global conference aimed at raising funds for reconstructing Iraq, which is reeling from the Daesh terror group's campaign of death and destruction.

Qatar's Deputy Prime Minister and Foreign Minister said on Wednesday his country was committed to supporting reconstruction in Iraq.

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