Turkey pledges $5B in loans, investment for Iraq reconstruction, FM Çavuşoğlu says

Top US diplomat urges unity among Arab Gulf States

United Nations chief Antonio Guterres urged the global community on Wednesday to support Iraq's reconstruction after the devastating war with the Islamic State group.

The announcement Wednesday falls short of the $88.2 billion requested by Iraq, however it is far higher than the amount previously announced by those taking part.

Over 70 countries were in attendance at the meeting, including important players like the United States, the EU, Iran, Turkey, Saudi Arabia and Germany, among others. Instead, the Trump administration will offer over $3 billion in loans, loan guarantees and insurance funds to American firms investing in Iraq.

The French official noted that France would provide soft loans to Iraq as well as contribute to the reconstruction of the country, namely in the fields of energy and water.

Iraq has suffered from decades of war and it is striking that it is holding its reconstruction conference in Kuwait, which it invaded in 1990, leading to defeat by a USA -led coalition and more than a decade of sanctions.


The Kuwaiti emir, Sabah Al Ahmad, spoke on Wednesday about the difficulty Iraq faces.

US Secretary of State Rex Tillerson on Tuesday said that the Islamic State (IS) terror organization was not yet fully defeated and continued to pose a danger to the region despite losing 98 per cent of its territory in Iraq and Syria. "Iraq's stability is an inseparable part of security and stability of the state of Kuwait and the region", Sabah said.

The New York Times has suggested failure to obtain the vast sums needed for reconstruction represents "a humiliating blow for the Iraqi government" and could threaten the future of Iraq's Prime Minister, Haider Al-Abadi.

Baghdad says it needs almost US$90 billion to rebuild after three years of war with the Islamic State group devastated homes, schools, hospitals and other infrastructure.

Around 138,000 houses and flats have been damaged, with half of them completely destroyed. Their victory came at a steep cost for Mosul, as coalition airstrikes and extremist suicide auto bombs destroyed homes and government buildings.

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