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