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Kuwait pledges $2 billion in loans, investments to Iraq

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Kuwait pledges $2 billion in loans, investments to Iraq

The plan spans the next 10 years and Iraq announced on the opening day of the conference that the country needs investments worth $88.2bn, of which $22bn were required immediately.

Riyadh pledged on Wednesday $1.5 billion to help rebuild Iraq after the war against ISIS terrorist group.

Foreign Minister Mevlüt Çavuşoğlu said Turkey pledged $5 billion in loans and investment, making the country one of the top contributors. The US is not expected to make a direct government contribution at the conference, however. Instead, the Trump administration will offer over $3 billion in loans, loan guarantees and insurance funds to American firms investing in Iraq.

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

Iraq has suffered from decades of war and it is striking that it is holding its reconstruction conference in Kuwait, which it invaded in 1990, leading to defeat by a USA -led coalition and more than a decade of sanctions.

He also explained his country's involvement and initiative as it related to its own security.

"ISIS remains a serious threat to the stability of the region, our homelands and other parts of the globe", he said.

US officials said the thrust of Tillerson's message was that "eyes have to be on the prize" and anything that hinders Islamic State's defeat will impair broader objectives such as a political transition in Syria that ultimately leads to an end of the war and blunts Iranian behavior throughout the region.

The victory came at a steep cost for Mosul, as coalition airstrikes and extremist suicide vehicle bombs destroyed homes and government buildings.

Canada is working with the United Nations Development Program's stabilization and mine advisory group, which helps displaced people return home and supports the clearance of unexploded munitions and improvised explosive devices.

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