Kuwait pledges $2 billion aid to facilitate reconstruction in Iraq

Kuwait's Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah announced that the country may allocate close to $2 billion to Iraq to facilitate the country's reconstruction process.

According to reports Kuwait is likely to allocate $1 billion as loan and another $ 1 billion as an investment in Iraq.

The Emir identified the magnitude of destruction inflicted on Iraq perpetrated by terrorists stating that the same cannot be overlooked. He also stated that the international community must shoulder its responsibility and help Iraq.

The Emir made his announcement at the Kuwait International Conference for the Reconstruction of Iraq (KICRI) on Wednesday. He also congratulated the country for the successfully defeating the Islamic State (IS) in the country.

The three-day meeting began this Monday in Kuwait City and witnessed several economic powers as well as regional and international organisations in attendance.

The participants in the conference seek to contribute in the rebuilding process of Iraq -- the country was torn after many years of war and conflict.