Kuwait joins Iraq reconstruction drive, pledging $2 billion

Kuwait joins Iraq reconstruction drive, pledging $2 billion

Kuwait joins Iraq reconstruction drive, pledging $2 billion

War-battered Iraq sought yesterday to attract worldwide investors to rebuild the country, offering hundreds of projects and touting extensive legal guarantees. The US is not expected to make a direct government contribution at the conference, however. Instead, the Trump administration will offer over $3 billion in loans, loan guarantees and insurance funds to American firms investing in Iraq.

Ankara will provide a credit facility of $5 billion to Iraq at a meeting on the country's reconstruction on Wednesday, according to foreign minister.

Speaking at a meeting of his counterparts in Kuwait City, Tillerson representatives from more than 70 nations that the coalition will not stop, "until we have achieved the full and enduring defeat of ISIS (Islamic State)".

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

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The magnitude of destruction inflicted on Iraq by terrorist groups could not be overlooked, which requires Iraq to embark on an inclusive reconstruction process that would cover infrastructure and other public utilities; a task that cannot be endured by Iraq alone, and a matter that urges global community to partake and shoulder its responsibility, the emir said.

He also explained his country's involvement and initiative as it related to its own security. "ISIS remains a serious threat to the stability of the region, our homelands and other parts of the globe".

The minister said attacks by the terror group Daesh in Iraq had reduced the country's refining capacity from 930,000bpd to just 450,000bpd.

Baghdad says it needs almost $90 billion to rebuild after more than three years of fighting with IS devastated homes, schools, hospitals and other infrastructure.

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Around 138,000 houses and flats have been damaged, with half of them completely destroyed.

The destruction was heaviest in Mosul, where coalition airstrikes and extremist suicide vehicle bombs destroyed homes and government buildings.

Expect more pledges in the coming days while Rex Tillerson tours the Middle East, but it will likely be far short of what Baghdad says it needs. The United Nations estimates that some 40,000 homes need to be rebuilt in Mosul alone.

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