Gulf States and UAE pledges to help Iraq

Countries and institutions of the Arabian Gulf countries took a pledge that 10 per cent of the $88 billion will be needed to reconstruct Iraq. Iraq’s landscape and economy has been hampered during the tree year war with ISIL. The pledge came on the final day of the International Doner Conference in Kuwait. The World Bank said the proposed amount will be used recorrect and develop vast territories of Iraq which has been affected by the war.

Kuwait’s Ministry of Foreign Affairs said that $30 billion have been secured at the conference. However this contribution was made by the 76 countries in attendance at the conference and also some private sector deals and international organisations. $23 billion is required urgently and the remaining $65 billion can be gathered over the period of time.

The economy of Iraq which has suffered a setback due to corruption, the government is trying to evolve it through modernising it. The aim of the government is to attract and absorb private and foreign investors. Contribution to Iraq’s reconstruction is coming in two forms. Firstly through loans acquired from different nations and second investments from private and government sector.

Senior authorities disclosed to The National the credits made by a few of the nations are at low financing costs and given with the assumption of default. Sheikh Sabah, the Emir of Kuwait and also host of the 3-day global donor meeting, reported on Wednesday $1-billion in credits for reproduction extends in Iraq and another $1-billion of ventures to help revamp regions destroyed by ISIL. Sheikh Sabah, the Emir of Kuwait said on the last day of the conference that Iraq should urgently start its project of reconstruction. This work cannot be done alone; international communities should join hands with Iraq in order to accelerate the growth of the nation.