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

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

Kuwait will lend one billio dollars to Iraq and commit a further one billion dollars of investment to the country, Kuwaiti Emir Sheikh Sabah Al-Sabah told an worldwide conference on Iraq's reconstruction on Wednesday.

"Kuwait will earmark $1 billion in loans to Iraq and will commit to another $1 billion as investments", Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah told an worldwide conference on Wednesday.

The United Arab Emirates also pledged $500 million.

Overall, Iraq is seeking $88.2 billion in aid from donors to help rebuild the country after a three-year war against ISIS which devastated homes, schools, hospitals and economic infrastructure, displacing millions of people.

The EU will work with the State of Kuwait to strengthen support for Iraq in this critical time, stressing that the Union is keen to work with Kuwait in order to promote stability and prosperity in Iraq, Mogherini added.

Former Dictator of Iraq, Saddam Hussein, invaded Kuwait in 1990. Saddam was later toppled by the 2003 US invasion.

Authorities estimate Iraq needs $88.2 billion to restore a country smashed after the extremists seized the country's second-largest city of Mosul and a mass of territory in June 2014.

Daesh came to prominence in Iraq in 2014 when the group captured the northern cities of Fallujah, Mosul and Tikrit, representing nearly a third of the country.

The United States said on Tuesday it was extending a $3 billion credit line but has not provided any direct government assistance.

Iraq's Prime Minister Haidar Al Abadi said he was looking forward to "real and strategic" partnerships, as well as collaborations with countries in the region.

Minister of Foreign Affairs, Shaikh Khalid bin Ahmed bin Mohammed Al Khalifa, affirmed that the Kingdom of Bahrain has continuously supported the Republic of Iraq in its fight against the terrorist organisation of Daesh in building the new Iraq and in the global recognition of the Republic of Iraq. Saudi Arabia and other Gulf nations attending Wednesday's conference remain suspicious of Iran's influence in Iraq, as well as its gains following the 2015 nuclear deal with world powers.

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