Iraq Says $4B Needed For New Downstream Oil Investments


The Emir of Kuwait told the conference that the security and stability of Iraq is integral to his country's stability and that of the wider region, and that in pledging money to aid reconstruction the global community was recognising the huge sacrifices Iraq has made in the face of terrorism.

The statements followed the Kurdistan Region's delegation expressing concerns at the conference that Baghdad concentrated all projects in the central and southern parts of Iraq, leaving only small projects for the autonomous region which had been at the forefront of the war against the Islamic State (IS).

The meeting is co-chaired by Kuwait and Iraq, as well as the United Nations, the European Union and the World Bank.

In addition, investors will be exempt from customs duties and income tax for 10-15 years, Hussein said.

Kuwait on Monday opened a week of conferences seeking aid for rebuilding Iraq after the onslaught of the Islamic State of Iraq and the Levant, seeking tens of billions of dollars for a nation that only a generation ago invaded it.

The minister said attacks by the terror group Daesh in Iraq had reduced the country's refining capacity from 930,000bpd to just 450,000bpd.

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In an interview with al-Hurra TV, a US-funded Arabic network, Tillerson said the event in Kuwait was not meant to be a donor conference. Saudi Arabia and regional rival Iran are fighting proxy battles in Syria, Iraq, Yemen, Lebanon and elsewhere.

"We must continue to enable hospitals to reopen, restore water and electricity services, and get boys and girls back in school".

Germany said it would provide $350 million in assistance.

US Secretary of Defence Jim Mattis sent a letter to North Atlantic Treaty Organisation last month calling for a formal North Atlantic Treaty Organisation train-and-advise mission, Reuters reported, part of President Donald Trump's campaign for the alliance to do more against militants.

Iraq has received investment and donation pledges from allies worth $30 billion, Kuwaiti Foreign Minister Sheikh Sabah al Khalid Al Sabah told a news conference on Wednesday. The US appreciates the "generous contributions" of coalition members over the past year but more is needed, Tillerson said.