Conference for Iraq draws investors instead of donors
The reported success — and failure — of a fundraising effort for Iraq could become a political football in the May general elections.
BAGHDAD — During a recent conference in Kuwait, Iraq was only able to raise a fraction of the money it needs for reconstruction, and rather than donations, most of the pledges were in the form of loans and investments to be used beyond the areas liberated from the Islamic State (IS).
Iraq has said it needs $88 billion to $100 billion, but it raised only $30 billion during the Kuwait International Conference for the Reconstruction of Iraq.
The conference, which took place Feb. 12-14, drew participants from 76 countries and regional and international organizations, 51 development funds and financial institutions, and 107 local, regional and international nongovernmental organizations, as well as 1,850 private sector representatives.
Turkey announced it will allocate $5 billion to Iraq in the form of loans and investments. Saudi Arabia will give $1 billion in the form of investment projects and an additional $500 million to support Iraqi exports. Qatar pledged $1 billion in loans and investments, and Kuwait will provide $2 billion in loans and investments for reconstruction efforts.
