War-battered Iraq says it's 'open for investors'

War-battered Iraq says it's 'open for investors'

War-battered Iraq says it's 'open for investors'

The anti-IS coalition meeting is a part of the Kuwait International Conference for the Reconstruction of Iraq (KICRI), which started on Monday in Kuwait City.

Kuwait has pledged $1 billion in loans to Iraq, and a further $1 billion in investments to the country, Kuwaiti Emir Sheikh Sabah al-Ahmad al-Jaber al-Sabah revealed on Wednesday.

Speaking at a conference on the reconstruction of the war-torn country, according to Reuters, he also said Iraq planned to boost its crude oil production capacity to 7 million barrels per day by 2022, from 5 million bpd at present.

Speaking at the International Conference for the Reconstruction of Iraq now being held in Kuwait, the Emir announced his intention to lend $1 billion to Iraq and invest a further $1 billion in the country.

Iraq aims to secure investments worth $100 billion to rebuild its infrastructure after a three-year war against ISIL.

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"This meeting also underlined several guidelines to prevent funding for the group and stop the entry of terrorists to any of the country".

Saddam was later toppled by the 2003 USA invasion.

"Iraq can not commence the mission of rebuilding itself without support, which is why we are all here today from all around the world, to stand by Iraq's side", he added.

Among the hardest-hit areas in Iraq is the city of Mosul, which Iraqi forces, aided by a US -led coalition, recaptured from the Islamic State group in July 2017.

However, officials acknowledge a feeling of fatigue from global donors, especially after the wars in Iraq and Syria sparked the biggest mass migration since World War II.

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World Bank officials joined Iraqi government representatives yesterday in Kuwait City to seek pledges from more than 2,000 representatives of worldwide firms in attendance.

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.

On Monday, U.S. President Donald Trump expressed frustration at what he called seven trillion dollars of spending in the Middle East.

The Canadian military, however, still operates a military hospital in Erbil, in northern Iraq.

Although the United States said on Tuesday it was extending a $3 billion credit line to Iraq, it has not provided any direct government assistance. Saudi Arabia and regional rival Iran are fighting proxy battles in Syria, Iraq, Yemen, Lebanon and elsewhere.

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For his part, Iraqi Prime Minister Haider al-Abadi urged all his country's neighbors to contribute.

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