Kuwait Allocates US$2 Billion For Iraq's Reconstruction

Last update: 14/02/2018

By Muammar Eusoffi Zainol Abidin

KUWAIT CITY, Feb 14 (Bernama) -- The Emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah on Wednesday pledged US$2 billlion in loans and investments for the reconstruction of Iraq, apart from other contributions from Kuwait's welfare organisations.

He said the loans will be in accordance with the system and mechanisms of the Kuwait Fund for Economic Development Arab and in synch with the country's commitment to the Muslim brotherhood.

"Kuwait realises the devastation of Iraq brought on by the Daesh militant group and today they will need to start on the rebuilding of their infrastructures and other facilities.

"Iraq will not be able to face this alone and indirectly has called on the international community to assist and participate in the reconstruction," he said at the Kuwait International Conference on the Reconstruction of Iraq (KICRI) which concluded here on Wednesday.

The KICRI, jointly chaired by Kuwait, Iraq, the European Union, United Nations and the World Bank, is intended to raise funds from various parties while garnering international support for the reconstruction of parts in Iraq that have been destroyed in the fight against the Daesh militants.

At the event, the Emir also congratulated the people of Iraq on their victory over the Daesh forces after making huge sacrifices and staying determined in their fight.

"The international solidarity seen here, coming both from the private and public sector, is a clear global acknowledgement of the sacrifices the people of Iraq had to bear in overcoming terrorism," he said.

Also present at the event were Iraq's Prime Minister Haidar Al-Abadi, United Nations Secretary General Antonio Guterres, European Union Commissioner Federica Mugrini and World Bank President Jim Young Kim.