Investment and development pledges for Iraq at $30 billion - Kuwaiti Foreign Minister

14 February, 2018, 18:53 | Author: Brian Mcdaniel
  • The sun sets behind destroyed buildings in the west side of Mosul

Iraq needs $4 billion for new investments in its downstream oil industry, Oil Minister Jabar al-Luaibi said on Tuesday, outlining plans to expand refining capacity over the next several years.

The Kuwaiti capital is hosting the second day of an global conference aimed at raising funds for reconstructing Iraq, which is reeling from the Daesh terror group's campaign of death and destruction.

Tillerson made the assertion at a press conference held in Kuwait, where he is attending a high-level meeting between members of a USA -led coalition against the Daesh terrorist group.

The war against the Islamic State group displaced more than 5 million people in Iraq, only half of whom have returned to their hometowns.

The Islamic Development Bank also pledged $500 million toward reconstruction in Iraq.

Mogherini expressed her deep appreciation to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for hosting KICRI, co-chaired by Kuwait, the Republic of Iraq, the United Nations, the European Union, and the World Bank.

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The fund also says it reached an agreement with Iraq to settle its outstanding dues to the organization, allowing it to fully rejoin it.

Qatar announced $US1 billion in loans and investments while the United Arab Emirates pledged $US500 million for rebuilding. Saudi Arabia pledged $1.5 billion.

"Declared Turkey will provide a credit facility of 5 billion Dollars to Iraq at the International Conference for Reconstruction of Iraq".

Former Dictator of Iraq, Saddam Hussein, invaded Kuwait in 1990.

During his participation in the Kuwait International Conference for Reconstruction of Iraq, the Minister of Foreign Affairs expressed his appreciation to the Amir of Kuwait, His Highness Shaikh Sabah Al-Ahmed Al-Jaber Al-Sabah for extending an invitation to him to participate, and for his initiative to host the conference. Saddam was later toppled by the 2003 USA invasion.

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