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Kuwait shows support towards Iraq's reconstruction bid, pledges of $2 billion

Kuwait shows support towards Iraq's reconstruction bid, pledges of $2 billion

The event, dubbed the Kuwait International Conference for Reconstruction of Iraq, entered its second day in Kuwait City on Tuesday, with world leaders and senior politicians in attendance.

Several other countries and organizations have made pledges as well.

The announcement Wednesday falls short of the $88.2 billion requested by Iraq, however it is far higher than the amount previously announced by those taking part.

The pledge came as a surprise as Iraq is also set to resume payments to fully meet the $4.6 billion still owed to Kuwait in reparations for the destruction of oil production during the Gulf War.

Saudi Arabia's foreign ministry said his country was providing a$1 billion loan through its Saudi Fund for Development and $500 million in export credit.Turkey said it would give Iraq $5 billion in credit lines.




Other global players participating in the conference have also pledged their support, with the European Union promising €400 million ($494 million) in investment and the USA extending its $3 billion credit line, but not promising any direct government aid.

"Declared Turkey will provide a credit facility of 5 billion United States dollars to Iraq at the International Conference for Reconstruction of Iraq".

Guterres said 2.5 million remain displaced in the aftermath of the devastating war in Iraq.

Iraq invaded oil-rich Kuwait in 1990 under former dictator Saddam Hussein, before it was forced to withdraw by a US -led military coalition.

During his participation in the Kuwait International Conference for Reconstruction of Iraq, the Minister of Foreign Affairs expressed his appreciation to the Amir of Kuwait, His Highness Shaikh Sabah Al-Ahmed Al-Jaber Al-Sabah for extending an invitation to him to participate, and for his initiative to host the conference. It shows Kuwait's deep desire to see its northern neighbour have a stable government after the years of unrest following the 2003 US -led invasion that toppled Saddam.

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