Kuwait pledges $2 billion in loans, investment for Iraq reconstruction

Kuwait (Iraqinews.com) – Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah has pledged $1 billion in loans and $1 billion in direct investments to help rebuild Iraq, KUNA reported.

The Kuwaiti emir made the pledge during the official inauguration of the Kuwait International Conference for the Reconstruction of Iraq (KICRI) on Wednesday.

The $2 billion will be channeled into reconstructing and rebuilding Iraq, which announced victory over the Islamic State group last December.

Addressing the gathering, the Kuwaiti emir congratulated the Iraqi people on a recent victory over IS militants and wished them success in their endeavors to rebuild their country in the post-war era.

“The significant level of participation in this conference, at the governmental, civil or private levels, came as a global recognition of the magnitude of sacrifices made by Iraq in its fight against terrorism,” he said, pointing out that the international community sough to reward these sacrifices that turned lives of Iraqis in IS-controlled areas into a “living hell.”

He further urged embarking on an inclusive reconstruction process in Iraq that would cover infrastructure and other public utilities to repair destruction caused by terrorist groups there.

The Kuwait International Conference for the Reconstruction of Iraq kicked off Monday with the participation of several donor countries and a group of regional and international institutions.

The gathering aims at garnering necessary support for the reconstruction of Iraq following a great victory achieved over Islamic State group.

The three-day conference is co-chaired by the European Union, Iraq, Kuwait, the United Nations and the World Bank.