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Turkey pledges $5 bn for Iraq reconstruction: minister

AFP logoAFP 14/2/2018
Turkish Foreign Minister Mevlut Cavusoglu (L) and his Saudi counterpart Adel al-Jubeir attend the second day of an international conference for the reconstruction of Iraq, in Kuwait City, on February 14, 2018 © Provided by AFP Turkish Foreign Minister Mevlut Cavusoglu (L) and his Saudi counterpart Adel al-Jubeir attend the second day of an international conference for the reconstruction of Iraq, in Kuwait City, on February 14, 2018

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 the Islamic State group.

Kuwait, which is hosting an international donors' conference to raise funds for Iraq, pledged $2 billion (1.6 billion euros) 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 IS which devastated homes, schools, hospitals and economic infrastructure, displacing millions of people.

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