Nations pledge nearly $25b toward Iraq reconstruction

KUWAIT CITY: 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.

Iraq secured nearly $25 billion 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 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, though each with its own stipulations. Britain said it would grant Iraq export credit of up to $1 billion per year for a decade.Turkish Foreign Minister Mevlut Cavusoglu said his country would provide $5 in loans and investment, without specifying the breakdown. The Gulf states, led by host nation Kuwait, pledged $5 billion in investment, loans and financing for exports. Iran’s deputy foreign minister said that Tehran would contribute to stabilisation efforts through the private sector, without announcing a financial pledge.