U.S. urges help for Iraq, extends $3 billion credit line

Feb 14, 2018, 18:34
U.S. urges help for Iraq, extends $3 billion credit line

Iraq received billions of dollars in credit lines, loans, and investment from Turkey, Gulf Arab allies, Europe, and other countries, their representatives announced at an global conference in Kuwait on Wednesday.

According to UNICEF representative in Iraq Peter Hawkins, the conference on the reconstruction of this country, organized by Kuwait and scheduled for February 12th to 14th, represents a unique opportunity to draw attention to the alarming situation of children, among other issues.

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.

Iraq received promises of billions of dollars, mostly in credit facilities and investment pledges, on Wednesday from allies but has so far fallen short of the amount the government says is needed to recover from three years of war.

As a result of the implementation of projects Turkey will propose, many Iraqis will have jobs and be able to return home.

"We must continue to enable hospitals to reopen, restore water and electricity services, and get boys and girls back in school". "It's not in the question of a pledging thing where we go out with requests, it's underscoring - there is a need for support".

The term DFI generally refers to development finance institutions such as multilateral development banks.

Qatar announced $1 billion in loans and investments while the United Arab Emirates pledged $500 million for rebuilding. Its militants have also been largely defeated in neighbouring Syria.

US Secretary of Defence Jim Mattis sent a letter to North Atlantic Treaty Organisation last month calling for a formal North Atlantic Treaty Organisation train-and-advise mission, Reuters reported, part of President Donald Trump's campaign for the alliance to do more against militants.

The Iranian foreign minister described the International Conference for Reconstruction of Iraq as a significant event and expressed hope regional and global contributions could immediately fix the ruins created by terrorist groups in Iraq.

He said tens of billions more were lost indirectly through damage to the wider economy and years of lost growth.

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