Turkey pledges USD 5 billion for Iraq reconstruction: Foreign Minister Mevlut Cavusoglu
By AFP | Published: 14th February 2018 05:06 PM |
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.