Kuwait shows support towards Iraq's reconstruction bid, pledges of $2 billion
Wed Feb 14, 2018 09:23:am World
5.6K By Barakat Husseini
In a bid to assist in the rebuilding of Iraq, from the destruction the nation witnessed during it fight against Islamic State extremists, Kuwait has pledged to lend $1 billion and another $1 billion in investment to the country. Kuwait's Sheikh said this during an International conference, which brought together donors and investors to discuss efforts required to build the economy and infrastructure of Iraq.
"Kuwait will earmark $1 billion in loans to Iraq and will commit to another $1 billion as investments in Iraq," said Sheikh Sabah.
After declaring victory of the Islamic state, who occupied a third of the country, last December, Iraqi officials says rebuilding the country from the destruction left behind will cost more than $88 billion, with housing a priority.
The United States also announced that it would be offering a $3 billion credit line but was not providing direct government assistance. $330 million have also been pledged towards humanitarian assistance by international NGOs.
"Kuwait will earmark $1 billion in loans to Iraq and will commit to another $1 billion as investments in Iraq," said Sheikh Sabah.
After declaring victory of the Islamic state, who occupied a third of the country, last December, Iraqi officials says rebuilding the country from the destruction left behind will cost more than $88 billion, with housing a priority.
The United States also announced that it would be offering a $3 billion credit line but was not providing direct government assistance. $330 million have also been pledged towards humanitarian assistance by international NGOs.
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