Turkey pledges $5B in loans, investment for Iraq reconstruction

Turkey pledges $5B in loans, investment for Iraq reconstruction

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The Gaza Post|The News of Palestine-Istanbul

Foreign Minister Mevlüt Çavuşoğlu on Wednesday pledged $5 billion in loans and investment for the reconstruction of Iraq after its devastating three-year war with Daesh.

Turkey will help redevelop the cities of Kirkuk, Mosul, Tal Afar, Baghdad, Irbil and Sulaymaniyah through the Turkish International Cooperation and Development Agency (TİKA) to help Iraqis return to their homes.

As a result of the implementation of projects Turkey will propose, many Iraqis will have jobs and be able to return home. According to the report, “Iraq: Reconstruction and Investment,” released by Kuwait’s Chamber of Commerce and Industry in January, more than 200 projects in 10 sectors, including education, health, transportation and agriculture, are ready to receive financing.

Meanwhile, rebuilding Iraq after three years of war with Daesh is estimated to cost $88.2 billion, with housing a particularly urgent priority, Iraqi officials say.

Saudi Arabia meanwhile said it would allocate $1 billion to investment projects in Iraq and $500 million to support Iraqi exports, while Qatar said it would allocate $1 billion in loans and investments.

Kuwait, which is hosting the international donors’ conference, pledged $2 billion in loans and investment.

Source:Daily Sabah