International donors on Wednesday pledged billions of dollars for Iraq’s reconstruction after the country’s war with the Islamic State terror group, Reuters reported.
Iraq had told an international donors conference on Monday that rebuilding the country will cost more than $88 billion (approximately Rs 5.6 lakh crore). Iraqi Prime Minister Haider al-Abadi urged all his country’s neighbours to contribute. “We need to rely on all our neighbors and friends to help Iraq invest in its future,” he said.
Investors and donors have gathered for a summit in Bayan Palace in Kuwait City this week to discuss ways to rebuild Iraq’s economy and infrastructure as it emerges from a war with the militant group. In December 2017, Iraq Prime Minister Haider al-Abadi had announced the end of a three-year military campaign by the country’s military to defeat the Islamic State.
At the summit, Turkey announced that it will give Iraq $5 billion (approximately Rs 32,000 crore) in credit lines, while Qatar pledged $1 billion (approximately Rs 6,400 crore) in loans and investments and the United Arab Emirates pledged $500 million (approximately Rs 3,200 crore).
“Saudi Arabia will provide $1 billion through its Saudi Fund for Development and $500 million in export credit”, Foreign Minister Adel Jubeir told the conference, while Kuwait’s Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah said, “Kuwait will earmark $1 billion in loans to Iraq and will commit to another $1 billion as investments.”
The United States reportedly said that it will extend a $3 billion (approximately Rs 19,000 crore) credit line to Iraq, but has not provided any direct government assistance. Other allies have made some smaller pledges, Reuters reported.
All of this put together, however, severely falls short of the $88 billion that Iraq had sought. Iraqi officials have estimated that about $17 billion (approximately Rs 1 lakh crore) would be needed to rebuild homes in the country. According to the United Nations’ estimates, at least 40,000 houses must be rebuilt in Mosul alone.
The United Nations estimates 40,000 homes need to be rebuilt in Mosul alone. More than a million people have been killed, thousands of civilians have been displaced and large parts of the city were destroyed in the fighting.