BILLIONS ARE PROMISED TO IRAQ FOR RECOVERY




Şimal Çınar –TDO- This week some investors have gathered in Kuwait to discuss efforts to rebuild Iraq’s economy and infrastructure as the country is getting out of a destructive fight with ISIS militants who seized almost a third of the country. Billions of dollars were pledged Wednesday at the donor conference. During this conference the leader of Kuwait Emir Sheihk Sabah al-Ahmad al-Jaber al-Sabah declared that Kuwait will lend 1 billion dollars to Iraq and commit a further 1 billion dollars of investment to the country that has been devastated.

At the same conference the United States said it was extending a 3 billion dollars credit line but was not providing any direct government assistance. The Secretary of State of the United States Rex Tillerson has underlined the importance of the aids in the process of stabilizing the territory that has been liberated from the terrorists. “If communities in Iraq and Syria cannot return to normal life, we risk the return of conditions that allowed ISIS to take root,” Tillerson said Tuesday. In addition to these Turkey pledged to give 5 billion, Saudi Arabia 1.5 billion, Qatar 1 billion, The United Arab Emirates 500 million dollars. Germany pledged 500 million euros and the European Union 400 million euros. Also, international NGOs have so far pledged 330 million dollars in humanitarian assistance.

“This large assembly of international communities that are here today is reflective of the large loss that Iraq withstood in facing terrorism,” Sheikh Sabah said at a donor’s summit at Kuwait City’s Bayan Palace. “Iraq cannot commence the mission of rebuilding itself without support, which is why we are all here today from all around the world, to stand by Iraq’s side,” he added.

According to the estimations that are made by the Iraqi officials, rebuilding Iraq after three years of war with ISIS will cost more than 88 billion dollars. Of the money needed, Iraqi officials estimate that 17 billion dollars alone need to go toward rebuilding homes. The United Nations estimates 40,000 homes need to be rebuilt in Mosul alone. Iraqi Prime Minister Haider al-Abadi urged all his country’s neighbors to contribute. “We need to rely on all our neighbors and friends to help Iraq invest in its future,” he said.