Billions of Dollars Promised to Rebuild Iraq

Kuwait, Iraq, the European Union, the UN and the World Bank organized a conference in Kuwait to seek funding to rebuild Iraq after years of war against the terrorist group ISIS left the country in ruin.

The conference sought funding from state and non-state actors as well as private sectors to revive the ailing Iraqi economy.

The conference was organized in a bid to rebuild the destroyed Iraqi homes, schools, hospitals and other infrastructures.

The Iraqi economy had been in a miserable state after years of war against the ISIS which is badly in need of aid to revive.

According to the United Nations Secretary-General Antonio Guterres, the conference was a significant success as billions of dollars have been promised to rebuild Iraq.

Iraq received $30bn in pledges to fund its ailing economy after the end of the three-day conference in the capital city of Kuwait.

The donors, so far mainly including the Middle Eastern countries, have promised tens of billions of dollars to help Iraq rebuild its economy.

Iraq received $30bn in pledges to fund its ailing economy after the end of the three-day conference in the capital city of Kuwait.

Turkey, Saudi Arabia, Kuwait, Qatar and some other countries pledged to offer loans and direct investment in the war-torn country.

Iraqi Foreign Minister Ibrahim al-Jaafari, however, said his government received fewer pledges of money than what it needs now.

The Iraqi government said it needs around $88bn to rebuild the economy of the country of which $22bn is immediately needed.

Among the donors, Turkey topped with $5bn financial support in pledges while Saudi Arabia pledged $1.5bn, Kuwait pledged $2bn and Qatar pledged $1bn financial support in a bid to rebuild Iraq.

Many non-state actors and private organizations also pledged financial support in the three-day long conference in the Kuwaiti capital.

The experts on Iraqi politics, however, fear that the move to rebuild the economy of the war-torn country can get tough because of corruption.

Iraq is infested with massive corruption and the country is one of the most corrupted countries in the world, according to Transparency International.


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