Iraq to get funds from International donors, Kuwait for reconstruction

Baghdad, February 15: Few months after Iraqi forces declared victory over Islamic State terrorist organization, is now on the way to redevelop the nation with the cost of more than $88 billion. Coming forward for Baghdad, International donors and Kuwait have pledged tens of billions of dollars to help rebuild Iraq.

 

Notably, International donors on Wednesday pledged tens of billions of dollars to help Iraq rebuild after a four-year war against ISIL has left large swathes of the country in ruins. While Kuwait announced to give $1 billion in loans and $1 billion in direct investments to help rebuild Iraq.

However, Qatar, Saudi Arabia and Turkey were among several countries promising to offer loans and direct investments to help rebuild the country. But Iraq's foreign minister Ibrahim al-Jaafari said that the funds fall short of what is needed.

Earlier, in the week, donors and investors from various sectors across the world gathered in Kuwait to discuss efforts to rebuild Iraq’s economy and infrastructure. Iraq Planning Minister Salman al-Jumaili, on the occasion said that rebuilding the whole country after three years of war with Islamic State will cost more than $88 billion with housing a particularly urgent priority.

Interestingly, Iraq was affected due to self-proclaimed caliphate ISIS captured many important governorates. Over 80,000 foreigners from countries such as Tunisia, Libya, Saudi Arabia, Germany, France and the Caucasus were recruited and traveled to Iraq between 2013 and 2016 to fight alongside ISIS.