THE ruling emir of Kuwait has said his oil-rich nation will give one billion US dollars in loans and one billion dollars in direct investments to help rebuild Iraq, following the war against Daesh.
Speaking at a donor’s summit at Kuwait City’s Bayan Palace, Sheikh Sabah Al Ahmad Al Sabah said: “This large assembly of international communities that are here today is reflective of the large loss that Iraq withstood in facing terrorism.”
“Iraq cannot commence the mission of rebuilding itself without support, which is why we are all here today from all around the world, to stand by Iraq’s side.”
Iraq also still owes Kuwait reparations from its 1990 invasion.
Kuwait’s pledge was followed by the promise of a donation of €400 million from the European Union’s foreign policy chief Federica Mogherini.
Overall, Iraq is seeking 88.2bn dollars in aid from donors.
Of the money needed, Iraqi officials estimate that 17 billion dollars alone needs to go toward rebuilding homes. The United Nations estimates 40,000 homes need to be rebuilt in Mosul alone.
The war against Daesh displaced more than five million people in Iraq, only half of whom have returned to their hometowns.
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