Donors pledge $30 billion to rebuild war-torn nation
KUWAIT CITY — International donors pledged $30 billion to help rebuild Iraq after the war against the Islamic State, Kuwait announced Wednesday, overcoming Western doubts and donor fatigue over Mideast crises to help the battle-ravaged nation.
While falling short of an estimated $88.2 billion needed to rebuild Iraq, it easily surpassed the $20 billion Iraqi officials initially said they needed to begin their difficult work. While much of the larger donations came in the form of loans, Iraq remains an oil-rich nation and such debts can be forgiven by the countries and institutions offering them.
The pledges, if followed through with funding, could give Iraq a chance to dig itself out of the rubble left by the Islamic State and the chaos that followed the 2003 U.S.-led invasion that toppled dictator Saddam Hussein.
Officials offered no breakdown of the pledges, though some countries announced them on the floor of a meeting held Thursday at Kuwait City’s Bayan Palace. The biggest single pledge came from Turkey, which announced $5 billion in credit to Iraq, while Kuwait’s ruling emir said his oil-rich nation will give $1 billion in loans and $1 billion in direct investments.
The donation by Kuwait’s emir, the 88-yearold Sheikh Sabah Al Ahmad Al Sabah, showed the deep interest his nation has in making sure Iraq becomes a peaceful, stable country. Iraq also still owes Kuwait reparations from Hussein’s 1990 invasion that sparked the 1991 U.S.-led Gulf War.
Other major donations included both Saudi Arabia and the Kuwaitbased Arab Fund each pledging $1.5 billion. Qatar pledged $1 billion in financing and donations, while Britain pledged $1 billion in export credits over 10 years.