The war-torn Arab nation Iraq needs an estimated $17 billion just for reconstruction of homes that were destroyed during the war; so to provide financial aid for rebuilding the nation, Kuwait’s Emir Sheikh Sabah Al Ahmad Al Sabah has pledged to provide $1 billion loan and $1 billion direct investment in Iraq.
The magnitude of destruction in Iraq after civil war since 2003, following the incidents of insurgency and foreign invasion in the country. Post-war, the situations in Iraq have still not improved and Iraqi officials estimated the need of $17 billion just for rebuilding homes in the country. With a goal to help Iraq, donors and investors had gathered up in Kuwait to discuss the efforts and funds that can be collected to help Iraq. In a stunning development, Kuwait’s ruling Emir Sheikh Sabah Al Ahmad Al Sabah said on Wednesday that his nation will give $1 billion in loans and $1 billion in direct investments to help rebuild Iraq.
Kuwait’s gesture is significant as just a decade ago, the small, oil-rich nation was invaded by Saddam-led Iraqi forces, yet Kuwait has shown deep interest in making sure that Iraq becomes peaceful and stable after war against the terrorist groups. Today, after withstood the barbaric war that has destructed the country to dust, it cannot reconstruct itself without external help. While making the announcement of the funding for Iraq at Iraq reconstruction conference in Kuwait, Emir Sheikh al-Sabah said, “We reiterate that the results of our conference will contribute actively in reconstructing and building Iraq and that the positive signs indicate the success achieved in this conference. This calls for us to be hopeful in a stable future and stability for Iraq, which is an inseparable part of the security and stability of Kuwait.”
The war has displaced more than 5 million people in Iraq and only half of them have returned to their homes post-war. Among the hardest hit places, Mosul city has been hit with the worse and as per estimates, just one city needs rebuilding 40,000 homes. Besides Kuwait, the European Union bloc has announced to invest 400 million euros, in addition to individual voluntary contributions from member states. US will be providing a $3 billion credit line, but not direct assistance to the government of Iraq. Also, international NGOs have managed to gather up a fund of $330 million for humanitarian assistance in the war-torn Arab nation of Iraq.