Turkey pledges $5 bn for Iraq reconstruction: minister

GCAD Foreign Ministers’ meeting

GCAD Foreign Ministers’ meeting

Donors and investors have gathered in Kuwait this week to discuss efforts to rebuild Iraq's economy and infrastructure as it emerges from a conflict with Islamic State militants who seized nearly a third of the country.

During his participation in the Kuwait International Conference for Reconstruction of Iraq, the Minister of Foreign Affairs expressed his appreciation to the Amir of Kuwait, His Highness Shaikh Sabah Al-Ahmed Al-Jaber Al-Sabah for extending an invitation to him to participate, and for his initiative to host the conference.

Qatar said it would allocate $1 billion in loans and investments, while the United Arab Emirates pledged $500 million in investment.

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Several countries in the Middle East have pledged billions of dollars in aid to help war-torn Iraq in its mission to rebuild the country following a four-year war against the Islamic State, Al Jazeera reports.

Minutes later, the European Union's foreign policy chief Federica Mogherini said the bloc would invest 400 million euros, in addition to individual contributions from member states.

Wednesday is the last day for the funding to come forward at the summit held in Bayan Palace in Kuwait City. Iraq also still owes Kuwait reparations from Saddam's 1990 invasion that sparked the 1991 USA -led Gulf War.

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Kuwait will celebrate Liberation Day from Iraq in two weeks. The US-led coalition subsequently liberated it in 1991.

"Adulfattah told the global donors' conference that rebuilding Iraq is restoring hope to Iraq, and restoring the stability of Iraq is stabilising the states of the region and the world", said Planning Minister Salman al-Jumaili.

Iraqi Prime Minister Haider al-Abadi had previously vowed that his government would work towards combatting corruption and bureaucracy in the country.

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Canada has committed $2 billion over three years for security, stabilization and humanitarian and development assistance in response to the crises in Iraq and Syria and their impacts on neighbouring Jordan and Lebanon. 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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