$30bn pledged for Iraq reconstruction

Published February 15, 2018
MOSUL: A car drives past destroyed buildings on Wednesday.—AFP
MOSUL: A car drives past destroyed buildings on Wednesday.—AFP

KUWAIT CITY: Governments, global funds, organisations and investors on Wednesday pledged billions of dollars in loans and investment for the reconstruction of Iraq, a nation reeling from a three-year war against the militant Islamic State (IS) group.

Donors had pledged $30 billion by the final day of the international conference, according to host nation Kuwait.

“The commitment of the international community at the conference was clear,” said Kuwaiti Foreign Minister Sheikh Sabah al-Khaled Al-Sabah, adding that 76 countries, numerous international funds and global organisations and hundreds of investors had made pledges.

Baghdad says it needs nearly $90 billion to rebuild after a grisly war with IS extremists which devastated homes, schools, hospitals and economic infrastructure, displacing millions of people.

Top contributors included Britain and Turkey, though each with its own stipulations.

Britain said it would grant Iraq export credit of up to $1 billion per year for a decade. Turkish Foreign Minister Mevlut Cavusoglu said his country would provide $5 billion in loans and investment, without specifying the breakdown.

US Secretary of State Rex Tillerson on Tuesday said the Export-Import Bank of the United States was set to ink a $3 billion memorandum of understanding with Baghdad, which would “set a stage for future cooperation across key sectors of Iraq’s economy including oil and gas, transportation, and commodities”.

The Gulf states, led by host nation Kuwait, pledged $5 billion in investment, loans and financing for exports.

Iran’s deputy foreign minister said Tehran would contribute to stabilisation efforts through the private sector, without announcing a financial pledge.

Iraq said its 10-year reconstruction plan would cost $88.2 billion, of which $22 billion was required immediately.

“We were hoping for more,” Iraqi Foreign Minister Ibrahim al-Jaafari said at the close of the conference.

“We are not disappointed, but the amount was less than expected,” he added.

The World Bank on Wednesday said the private sector should play a leading role for a “successful” reconstruction of Iraq.

Published in Dawn, February 15th, 2018

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...