Allies pledge billions to rebuild Iraq after years of conflict

Kuwait pledges $2bn to Iraq reconstruction

Iraq is seeking $88.2 billion in aid from donors to fund its reconstruction efforts.

Kuwait will give $US1 billion ($A1.4 billion) in loans and $US1 billion in direct investments, a stunning donation as only a generation ago Saddam Hussein invaded the small, oil-rich nation.

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

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

Sheikh Sabah, the Emir of Kuwait and host of the three day worldwide donor conference, announced on Wednesday $1-billion in loans for reconstruction projects in Iraq and another $1-billion of investments to help rebuild areas wrecked by ISIL.

At the press conference, Tillerson commented extensively on the months-long political crisis pitting Qatar against a four-nation bloc led by Saudi Arabia.

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Sheikh Sabah Al Ahmad Al Sabah said at a donors' summit at Kuwait City's Bayan Palace on Wednesday that this assembly of global communities "is reflective of the large loss that Iraq withstood in facing terrorism".

Arabian Gulf countries and institutions have pledged nearly 10 per cent of the estimated $88 billion needed to rebuild Iraq after the country's gruelling three-year war with ISIL.

The United Arab Emirates pledged $500 million while Germany pledged 350 million euros.The European Union's foreign policy chief Federica Mogherini said the bloc would invest 400 million euros, in addition to individual contributions from member states.International NGOs have so far pledged $330 million in humanitarian assistance. Wednesday is the last day of an appeal for funding to come forward at the Kuwait conference.

Qatar's Deputy Prime Minister and Foreign Minister said on Wednesday his country was committed to supporting reconstruction in Iraq.

U.S. Secretary of State Rex Tillerson said Tuesday that the restoration of Arab Gulf unity was in the best interest of all parties in the region.

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