Several countries pledge billions to rebuild Iraq

At a conference Wednesday in Kuwait, countries from around the world pledged to give Iraq billions of dollars in credit, loans, and investments for reconstruction, Reuters reports.

After the militant group ISIS took control of much of Iraq in 2014, the country spent years — with the help of the United States — to fight off the group.

Now Iraq has declared victory, but major cities are left in ruins, without homes and schools.

Several countries are pledging to help with reconstruction. Kuwait, for example, pledged $2 billion, according to Reuters. Italy will give $321 million in soft loans, and the Islamic Development Bank, which is the largest Muslim development organization, has pledged $500 million.

Turkey will give $5 billion, according to Reuters, and Britain pledged $1 billion annually in export credit over 10 years. The United States will give $3 billion.

Many more countries are making pledges, but some worry it will not add up to the $88 billion Iraq is requesting.

 

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