Kuwait Says USD30b Pledged to Rebuild Iraq

تم نشره في Wed 14 February / Feb 2018. 01:00 AM
  • Arab leaders and ministers in the Kuwait convention - (Archives)

KAWAIT — A total USD30 billion in pledges were made Wednesday at a donor conference for Iraq’s reconstruction after the country’s devastating war with the Islamic State group, falling well short of the USD88.2 billion Baghdad is seeking.

The biggest pledge at the gathering in Kuwait came from Turkey, which announced USD5 billion in credit to Iraq, while Kuwait’s ruling emir said his oil-rich nation will give USD1 billion in loans and USD1 billion in direct investments.

Saudi Arabia pledged USD1.5 billion while the Kuwait-based Arab Fund says Iraq will receive USD1.5 billion in infrastructure aid in coming years.

Qatar, which is embroiled in a diplomatic crisis with a quartet of Arab nations led by Riyadh, pledged USD1 billion. The United Arab Emirates pledged USD500 million, as did the Islamic Development Bank. Germany pledged 500 million euros (USD617 million) and the European Union EUR400 million (USD494 million).

The United States, which has been embroiled in Iraq since its 2003 invasion that toppled dictator Saddam Hussein, did not directly give at the conference Wednesday in Kuwait City. However, it plans to offer over USD3 billion in loans and other financing to help American firms invest in Iraq.

Kuwait’s donation particularly was in many ways stunning as only a generation ago, Saddam Hussein invaded the small, oil-rich nation.

The donation by Kuwait’s ruling emir, the 88-year-old Sheikh Sabah Al Ahmad Al Sabah, showed the deep interest his nation has in making sure Iraq becomes a peaceful, stable country after the war against ISIS. Iraq also still owes Kuwait reparations from Saddam’s 1990 invasion that sparked the 1991 US-led Gulf War.

(Washington Post)