Tuesday 19 February 2019

Kuwait pledges $2bn in funding to Iraq

KUWAIT, February 14, 2018

Kuwait has announced $1 billion in loans to Iraq through Kuwait Fund for Arab Economic Development, along with another $1 billion in investments in the war-ravaged country, said a report.

The Emir of Kuwait, HH Sheikh Sabah Al Ahmad Al Jaber Al Sabah, made the announcement during the official inauguration of the Kuwait International Conference for the Reconstruction of Iraq (KICRI) on Wednesday.

Results of this conference are a continuation of all "our" efforts, Sheikh Sabah was quoted as saying by state news agency Kuna.

"Yet, we should not neglect the suffering of our brothers in Syria and Yemen due to the ongoing conflicts taking place there, but we are confident that we and the international community will support them as soon as security and stability are restored," he added.

Earlier in the day, the UAE offered to provide development aid worth $500 million, to assist international efforts to reconstruct Iraq.

During his speech as head of the UAE delegation at the 'Kuwait International Conference for the Reconstruction of Iraq,' Dr Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, said the support includes $250 million via the Abu Dhabi Fund for Development for infrastructure projects, $100 million to help UAE electricity companies fund projects in Iraq, $100 million to support and promote UAE exports, as well as $50 million to support the humanitarian efforts of the Emirates Red Crescent, ERC, and its charity projects in the areas most affected by Daesh.

He also highlighted the UAE’s historic support for Iraq, which includes a decision to cancel a previous debt worth $7 million in 2008, and a clear political and diplomatic commitment during the last decade.

Tags: Kuwait | Iraq | Funding |

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