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Kuwait pledges $2bn to Iraq reconstruction

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Kuwait pledges $2bn to Iraq reconstruction

Kuwait on Monday opened a week of conferences aimed at enlisting aid to rebuild Iraq after the defeat of the self-styled Islamic State terrorist group.

"Rebuilding Iraq is restoring hope to Iraq, and restoring the stability of Iraq is stabilising the states of the region and the world".

Burgan Bank, a diversified growing financial powerhouse, welcomed one of its majority-owned subsidiaries, the Bank of Baghdad (BoB) delegation to Kuwait who attended the "Invest in Iraq Conference" held in Kuwait City.

During his participation in the Kuwait International Conference for Reconstruction of Iraq, the Minister of Foreign Affairs expressed his appreciation to the Amir of Kuwait, His Highness Shaikh Sabah Al-Ahmed Al-Jaber Al-Sabah for extending an invitation to him to participate, and for his initiative to host the conference.

According to UNICEF representative in Iraq Peter Hawkins, the conference on the reconstruction of this country, organized by Kuwait and scheduled for February 12th to 14th, represents a unique opportunity to draw attention to the alarming situation of children, among other issues.

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It is also counting on a Saudi-Iraqi rapprochement to weaken Iran's influence there.

Other global players participating in the conference have also pledged their support, with the European Union promising €400 million ($494 million) in investment and the USA extending its $3 billion credit line, but not promising any direct government aid. The fighters have also been largely defeated in neighbouring Syria.

The pledges came on the final day of an worldwide donor conference in Kuwait where Iraqi officials have made the case for foreign investment in what they said would be "a new Iraq".

About 2.5 million Iraqis remain displaced by the unrelenting conflict, which saw Islamic militants accused of beheadings, crucifixions, slavery and rape.

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