Turkey pledges USD 5 billion for Iraq reconstruction: Foreign Minister Mevlut Cavusoglu

Saudi Arabia said it would allocate $1 billion for investment projects in Iraq and $500 million to support Iraqi exports.

Published: 14th February 2018 05:06 PM  |   Last Updated: 14th February 2018 05:06 PM   |  A+A-

Turkish Foreign Minister Mevlut Cavusoglu | AP

By AFP

KUWAIT CITY: Turkish Foreign Minister Mevlut Cavusoglu on Wednesday pledged $5 billion in loans and investment for Iraq's reconstruction after its devastating three-year war with the Islamic State group.

Kuwait, which is hosting an international donors' conference to raise funds for Iraq, pledged $2 billion (1.6 billion euros) in loans and investment. 

Saudi Arabia said it would allocate $1 billion for investment projects in Iraq and $500 million to support Iraqi exports.

Qatar said it would allocate $1 billion in loans and investments, while the United Arab Emirates pledged $500 million in investment.

Those sums -- together with $495 million from the European Union and $100 million from Australia -- bring the total pledged so far to over $10 billion on the third and final day of the donors' conference, still in progress. 

Baghdad says it needs nearly $90 billion to rebuild after a three-year war against IS which devastated homes, schools, hospitals and economic infrastructure, displacing millions of people.

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