February 23rd, 2018

Kuwait to give $2 billion in loans, investments for Iraq


By The Associated Press on February 14, 2018.

Iraqi Prime Minister Haider al-Abadi prepares for a donor's summit at Bayan Palace in Kuwait City, Kuwait, Wednesday, Feb. 14, 2018. Kuwait on Wednesday hosted the final day of a conference seeking billions of dollars to help rebuild Iraq after the war against the Islamic State group. (AP Photo/Jon Gambrell)

KUWAIT CITY – Kuwait’s ruling emir says his oil-rich nation will give $1 billion in loans and $1 billion in direct investments to help rebuild Iraq.

Sheikh Sabah Al Ahmad Al Sabah made the announcement on Wednesday at a summit seeking donations to help rebuild Iraq after the war against the Islamic State group.

The announcement is in many ways stunning – many at the gathering in Kuwait remember how Iraq under dictator Saddam Hussein invaded Kuwait only a generation ago. It shows Kuwait’s deep desire to see its northern neighbour have a stable government after the years of unrest following the 2003 U.S.-led invasion that toppled Saddam.

Overall, Iraq is seeking $88.2 billion in aid from donors.

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