December 17, 2018

Kuwaiti Emir raises funds for Iraq

By Henri Estramant.

14 February 2018, Kuwait City, State of Kuwait: Under the ægis of His Highness the V Emir of the State of Kuwait, Sabah IV bin Ahmed Al-Jaber Al-Ali Al Sabah, donors and investors gathered in Kuwait to mull ways to rebuild the Iraqi economy and infrastructure as it emerges from a ruinous conflict against the Islamic State militants, who seized almost a third of the country before being beaten back.

Saudi Arabia shall provide $1 billion through its Saudi Fund for Development and $500 million in export credit, Foreign Minister Adel Jubeir affirmed during the conference.

Kuwait shall earmark $1 billion in loans to Iraq, and will commit to another $1 billion as investments, Emir Sabah IV bin Ahmed Al-Jaber Al Sabah said at the gathering. His Highness has in the last few years been one of the main donors and organiser of humanitarian summits to aid refugees from Syria living in Lebanon, Jordan or Egypt. Not least, he is also the main mediator in the Gulf in the blockade against Qatar.

Qatar pledged $1 billion in loans and investments, and the United Arab Emirates pledged $500 million but added that there were $5.5 billion in private sector investments in Iraq

Iraq received pledges of $30 billion, mostly in credit facilities and investment from allies but this fell short of the $88 billion Baghdad says it needs to recover from three years of war.

Iraq, which still owes Kuwait reparations from the 1991 Gulf War, declared victory over Islamic State in December, having taken back all territory the militants captured in 2014 and 2015. The group has been largely defeated in Syria as well.

For further information:

Al Diwan Al Amiri (HE Sheikh Nasser bin Sabah Al-Ahmed Al-Jaber Al Sabah, Minister of Diwan Al Amiri Affairs):

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