Nations pledge nearly 25 billion USD toward Iraq reconstruction
(VOVWORLD) - Governments from around the world 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 Islamic State group.
Delegates took a photo at the international donors' conference in Kuwait City (Photo: AP)
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Iraq secured nearly 25 billion USD in the first few hours of the final day of an international donors' conference in Kuwait City, which was still ongoing. Baghdad says it needs nearly 90 billion USD to rebuild after a grisly war with IS extremists which devastated homes, schools, hospitals and economic infrastructure, displacing millions of people.
The top contributors so far are Britain and Turkey. Britain said it would grant Iraq export credit of up to 1 billion USD per year for a decade. Turkish Foreign Minister Mevlut Cavusoglu said his country would provide 5 billion USD in loans and investment, without specifying the breakdown.
Throughout the three-day reconstruction conference, Baghdad has been on a drive to attract international investors to rebuild the country, offering hundreds of projects from oil refineries to massive housing and transport ventures.