Turkish Foreign Minister Mevlut Cavusoglu attends the second day of an international conference for the reconstruction of Iraq. -AFP

 

KUWAIT CITY: Turkish Foreign Minister Mevlut Cavusoglu on Wednesday pledged $5 billion in loans and investment for Iraq's reconstruction after its devastating three-year war with Daesh.

Kuwait, which is hosting an international donors' conference to raise funds for Iraq, pledged $2 billion in loans and investment.

Saudi Arabia said it would allocate $1 billion for investment projects in Iraq and $500 million to support Iraqi exports.

Qatar said it would allocate $1 billion in loans and investments, while the United Arab Emirates pledged $500 million in investment.

Those sums - together with $495 million from the European Union and $100 million from Australia - bring the total pledged so far to over $10 billion on the third and final day of the donors' conference, still in progress.

Baghdad says it needs nearly $90 billion to rebuild after a three-year war against Daesh which devastated homes, schools, hospitals and economic infrastructure, displacing millions of people.