14 February, 2018
Donors and investors have gathered in Kuwait to discuss efforts to rebuild Iraq's economy and infrastructure as it emerges from a devastating conflict with Islamic State militants who seized nearly a third of the country. $330 million have also been pledged towards humanitarian assistance by global NGOs.
Luaibi said the downstream investment would lift refining capacity to 1.5 million bpd by 2021, with 500,000 bpd of that earmarked for export.
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.
Addressing the forum, Kuwaiti Emir Sheikh Sabah al-Ahmad Al Sabah pledged $2 billion towards the reconstruction of Iraq.
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The Islamic Development Bank also pledged $500 million toward reconstruction in Iraq.
Iraq will receive billions of dollars in credit lines, loans and investment from Turkey, Gulf Arab allies, Europe and other countries, their representatives have announced at a conference to help Iraq rebuild after the devastating war against Islamic State. Saudi Arabia pledged $1.5 billion.
The Emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber al-Sabah (L front) and United Nations Secretary-General Antonio Guterres (R front) attend the ministerial meeting of the Kuwait International Conference for the Reconstruction of Iraq (KICRI) in Kuwait City, Kuwait, Feb. 14, 2018.
Iraq aims to secure investments worth $100 billion to rebuild its infrastructure after a three-year war against ISIS. Wednesday is the last day of an appeal for funding to come forward at the Kuwait conference. The move is seen as a stunning donation as only a generation ago Saddam Hussein invaded the small, oil-rich nation, AP said. 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.