By Mohamed Abdel-Ghaffar
KUWAIT CITY (AA) – Kuwait will earmark $1 billion in loans and another $1 billion in direct investments to neighboring Iraq, the country’s emir announced Wednesday.
The announcement came at an international donor conference held in Kuwait for the reconstruction of Iraq following the war against the Daesh terrorist group.
“Iraq’s security and stability is part and parcel of the security and stability of Kuwait and the region,” Sheikh Sabah al-Ahmad al-Jaber al-Sabah told participants in the conference.
“The current crises and challenges facing the world require the international community to collectively work together at all levels,” he said.
Some 2,300 companies from 70 countries are taking part in the conference, which kicked off on Monday.
Iraq aims to secure investments worth $100 billion to rebuild its infrastructure after a three-year war against Daesh.
Iraq invaded oil-rich Kuwait in 1990 under former dictator Saddam Hussein, before it was forced to withdraw by a U.S.-led military coalition. Saddam was later toppled by the 2003 U.S. invasion.