Kuwait pledges $2 billion in loans, investments to Iraq

ERBIL, Kurdistan Region (Kurdistan 24) – Kuwait has pledged $1 billion in loans to Iraq, and a further $1 billion in investments to the country, Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah revealed on Wednesday.

The Emir made the announcement during the last day of the International Conference for the Reconstruction of Iraq in Kuwait, where Iraq was seeking donations to help rebuild the war-torn country following the defeat of the Islamic State (IS).

“Kuwait will earmark $1 billion in loans to Iraq and will commit to another $1 billion as investments in Iraq,” said Sheikh Sabah.

Former Dictator of Iraq, Saddam Hussein, invaded Kuwait in 1990. The US-led coalition subsequently liberated it in 1991.

Iraq claims it needs at least $88.2 billion to rebuild its infrastructure, energy industry, and economy after three years of fighting the jihadist group and the toll it took as it occupied large swaths of territory across the country

Iraq is also currently suffering from political and economic turmoil, with its security situation remaining fragile as it approaches the May 12 parliamentary elections.

The Iraqi Parliament has failed to pass the 2018 budget bill prepared by the Federal Government as Kurds and Sunni Arabs have asked for a number of amendments to the draft. Both parties claim the current bill fails to allocate adequate funding for their respective areas.

Editing by Nadia Riva