Official: Huge investment project to be launched at Kuwait donor conference

Baghdad (IraqiNews.com) A huge investment project is expected to be launched at the donor conference, which will be held in Kuwait in February, the cabinet’s secretary general said.

“The project was prepared by the National Investment Commission in cooperation with the World Bank,” the General Secretariat for the Council of Ministers quoted Mahdy al-Allaq as saying on Thursday.

“The long-awaited project will help restore Iraq’s security and stability, and bring back displaced people to their home regions in Iraq,” he added.

In November, Iraqi President Fuad Masum started an official visit to Kuwait, during which he held talks with Kuwaiti officials on means of boosting bilateral relations in all fields and preparations for the Kuwait-hosted donor conference.

“We cannot expect the volume of funds to be provided for Iraq by the donor countries, but we are optimistic about the surrounding atmosphere,” he said, calling on Kuwaiti companies to pump investments into the Iraqi market and take part in the reconstruction process of Iraq during the coming period.

In September, Kuwait announced that arrangements were underway for an international donor conference to rebuild Iraqi areas liberated from the Islamic State, and urged Baghdad to provide suitable investment and economic environment for reconstruction.

Kuwait is waiting for a study that will pinpoint the exact damage and needs “in order to make it easy for the donor countries to specify the size and form of their contributions,” Kuwait’s First Deputy Premier and Foreign Minister Sheikh Sabah al-Khaled al-Hamad al-Sabah said.

Sheikh Sabah al-Khaled said Kuwait has always been supporting Iraq in its fight against terrorism with the objective of restoring security and stability nationwide.

Iraq, he added, should also provide incentives to encourage foreign companies invest in the country, besides carrying out economic and administrative reforms.