Iraq secures nearly $25bn for post-IS reconstruction costing $90bn
Kuwait City — On Wednesday, governments from around the world pledged billions of dollars in loans and investment for the reconstruction of Iraq, a nation reeling from a three-year war against Islamic State (IS). Iraq secured nearly $25bn in the first few hours of the final day of an international donors’ conference in Kuwait City. Baghdad says it needs nearly $90bn to rebuild after a grisly war with IS extremists that devastated homes, schools, hospitals and economic infrastructure, displacing millions of people. The top contributors so far are Britain and Turkey, though each with its own stipulations. Britain said it would grant Iraq export credit of up to $1bn a year for a decade. Turkish foreign minister Mevlüt Çavusoglu said his country would provide $5bn in loans and investment, without specifying the breakdown. The Gulf states, led by host nation Kuwait, pledged $5bn in investment, loans and financing for exports. Iran’s deputy foreign minister said that Tehran would contribu...
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