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IDB ready to finance Iraqi infrastructure with $500 million

Kalerkantho Online   

14 February, 2018 18:25 PM



IDB ready to finance Iraqi infrastructure with $500 million

A family house lies in ruins in the Iraqi city of Ramadi on March 20, weeks after the city was retaken from Islamic State. (AP Photo/Maya Alleruzzo)

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The Islamic Development Bank (IDB), the largest development organization in the Muslim world, is ready to finance Iraq infrastructure with $500 million, its president Ahmed Mohamed Ali al-Madani, said in Kuwait on Wednesday.

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 almost a third of the country, according to Reuters report.

The latest on the conference under way in Kuwait to help Iraq rebuild after the devastating war against the Islamic State group.

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, Miami Herald reported.

It made the announcement on Wednesday at a conference in Kuwait City.

The fund also says it reached an agreement with Iraq to settle its outstanding dues to the organization, allowing it to fully rejoin it.

The Islamic Development Bank also pledged $500 million toward reconstruction in Iraq.

Turkey has pledged $5 billion while Qatar has pledged $1 billion to help rebuild Iraq after the war on the Islamic State group.

Turkey's Foreign Minister Mevlut Cavusoglu and Qatar's Foreign Minister Mohammed bin Abdurahman Al Thani made the announcements in Kuwait City at a donor conference on Wednesday.

Meanwhile, the United Arab Emirates pledged $500 million while Germany pledged 500 million euros.

Earlier in the day, Kuwait's ruling emir said his oil-rich nation will give $1 billion in loans and $1 billion in direct investments to help rebuild Iraq. Saudi Arabia pledged $1.5 billion.


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