Monday, 20 May 2019
Latest news
Main » Kuwait Joins Iraq Reconstruction Drive, Pledging $2 Billion

Kuwait Joins Iraq Reconstruction Drive, Pledging $2 Billion

14 February 2018

Kuwait's Foreign Minister, Sheikh Sabah Khaled Al-Hamad Al-Sabah, who is also Deputy Minister in the country's Prime Minister's Department, said the matter is given the most serious consideration and continues to be a priority for the global coalition.

Emir Sheikh Sabah Al Ahmad Al Sabah said $1 billion will be in the form of loans, and the rest will be invested in projects in the war-battered country.

The United Arab Emirates also pledged $500 million.

Those sums - together with $495 million from the European Union and $100 million from Australia - bring the total pledged so far to over $10 billion on the third and final day of the donors' conference, still in progress.

Newsmen report that the director-general of Iraq's planning ministry, Qusay Adulfattah, on Monday said rebuilding Iraq after three years of war with Islamic State will cost more than 88 billion dollars. Germany said it would provide $350 million in assistance.

Donors and investors have gathered in Kuwait this week to discuss efforts to rebuild Iraq's economy and infrastructure as it emerges from a devastating conflict with Islamic State militants who seized nearly a third of the country.

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 global recognition of the Republic of Iraq.

The U.S. alone spent $60 billion over nine years - some $15 million a day - to rebuild Iraq.

Iraq declared victory over Islamic State in December, having taken back all the territory captured by the militants in 2014 and 2015.

"Indeed a special force has been monitoring and identifies the group with the advisory services of experts from the member countries", he told a press conference at the end of the ministerial level meeting of the global coalition members held at the Istana Bayan, here on Tuesday.

Prime Minister Haider al-Abadi's government is hoping the global community will follow up the end of major combat against IS, with concrete financial support for reconstruction.

Kuwait Joins Iraq Reconstruction Drive, Pledging $2 Billion