Kuwait shows support towards Iraq's reconstruction bid, pledges of $2 billion

In his speech at the Kuwait International Conference for the Reconstruction of Iraq (KICRI), being held in Bayan Palace in Kuwait, he urged the international community to deliver comprehensive aid to this country, saying that United Nations development programs should buoy anti-terrorism efforts and focus on human rights. "It can not be undertaken alone, which calls us to the worldwide community to take part of this mission", he said on the last day of the conference in Kuwait City.

The Kuwait-based Arab Fund says Iraq will receive $1.5 billion in infrastructure aid in coming years after the war against the Islamic State group.

The event, dubbed the Kuwait International Conference for Reconstruction of Iraq, entered its second day in Kuwait City on Tuesday, with world leaders and senior politicians in attendance.

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Mogherini expressed her deep appreciation to His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for hosting KICRI, co-chaired by Kuwait, the Republic of Iraq, the United Nations, the European Union, and the World Bank.

Saudi Arabia and Qatar also said they would allocate $1.5 billion and $1 billion, respectively.

Turkey said on Wednesday it would give Iraq $US5 billion in credit lines.

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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. $330 million have also been pledged towards humanitarian assistance by global NGOs. The move is seen as a stunning donation as only a generation ago Saddam Hussein invaded the small, oil-rich nation, AP said.

Iraq secured almost $25 billion in the first few hours of the final day of an worldwide donors' conference in Kuwait City, which was still ongoing.The biggest pledge at the gathering in Kuwait thus came from Turkey at the meeting. It shows Kuwait's deep desire to see its northern neighbour have a stable government after the years of unrest following the 2003 USA -led invasion that toppled Saddam.

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