Kuwait Pledges $2 Billion for Iraq Reconstruction

sheikh-sabah-al-ahmad-al-jaber-al-sabah
Kuwait Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah.

Kuwait’s Emir has pledged $2 billion to aid the reconstruction of Iraq.

Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah’s (pictured) announcement came after Iraqi officials claimed the rebuilding of the nation, many areas of which have been left in ruin following the war fought against the Islamic State (IS), could cost up to $88.2 billion (£63.7 billion).

Talking to an international conference, Kuwait’s Emir said his country ‘will earmark $1 billion in loans to Iraq and will commit to another $1 billion as investments.’

Money is flowing in from other nations too, with the EU investing 400 million euros and the US extending a $3 billion credit line.

Iraq declared victory over IS in December 2017, having taken back all the territory claimed by the terrorist organisation between 2014-2015.

It shall take much time (and money) for the country to return to the state it was in prior to the war against IS.

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