30 billion USD loans and projects resulting from Iraq’s reconstruction conference in Kuwait

21.02.18 AHK Irak - News-Hauptkategorie

The Iraq Reconstruction Conference with over 2300 participants from the political and economic sector was held in Kuwait. The conference was aiming to attract investors and donors to rebuilt Iraq. The estimation of the World Bank is that Iraq needs between $80bn and $100bn for reconstruction following the sever damages during the war against ISIS. While, the immediate need is estimated at $22bn. On the last day of the conference the Iraqi government received pledges estimated to reach $30bn for the country’s reconstruction process in the aftermath of the war with the Islamic State in Iraq and Syria. Most of these pledges were in the form of loans. Turkey extended the largest credit line at $5bn. It is followed by the US, which offered $3bn in credit. Saudi Arabia pledged $1.5bn, while Kuwait pledged $1bn in loans and another $1bn in investments. Qatar pledged $1bn in loans and investments.

The UAE cited that they are currently has invested $5.5bn in private sector in Iraq, in addition to that UAE pledged $500m. The Islamic Development Fund pledged $500m and the Arab Fund for Economic and Social Development pledged $1.5bn. Five other countries were included in the pledge among them; the United Kingdome $1bn over the next 10 years. Also, Germany pledged $617m, EU $404m, Malaysia $100m, and Finland $10m.

According to the deputy prime minister of Kuwait Sabah al-Khaled al-Hamad al-Sabah Iran will participate in the reconstruction, however, Iran has not specified its planned contribution to the reconstruction fund. It is understood Iraq owes its GCC neighbors an estimated $40bn, including reparations from the 1991 Gulf War. While, Iraq’s gross credit was estimated at $170bn by end of 2016, nearly two-thirds its gross domestic product (GDP).

Germany with its highly developed industry could help Iraq in the reconstruction period in infrastructure, housing, industry etc . Any company interested in the content of this conference can study this link with useful information that was published after the conference. It gives an overview about Iraq’s reconstruction and investment plans:

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