Saudi Arabia to allocate $1.5 billion for Iraq reconstruction, trade

Iraq says it will need more than $88 billion to rebuild the country, after more than three years of devastating conflict with Daesh. (Reuters)
Updated 14 February 2018
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Saudi Arabia to allocate $1.5 billion for Iraq reconstruction, trade

KUWAIT CITY: Saudi Arabia allocated $1.5 billion for the reconstruction of Iraq as foreign donors pledged billions of dollars at a conference in Kuwait on Wednesday. 
The pledge from Foreign Minister Adel Al-Jubeir included a $1 billion loan through the Saudi Fund for Development and $500 million in export credit. 
Kuwait said it would provide $1 billion in loans from the Kuwait Fund for Arab Economic Development and $1 billion in direct investments. 
Turkey said it would give Iraq $5 billion in credit lines and Qatar announced $1 billion in loans and investments. 
The United Arab Emirates pledged $500 million for rebuilding, Germany said it would provide $350 million in assistance and Britain pledged up to $1 billion annually in export credit over 10 years.
Iraq said it needs $88 billion to rebuild areas of the country decimated by the Daesh occupation and the battle to defeat the extremists.
“Our meeting today is a continuation to our pursuits to counter and combat terrorism and counter the dangers and challengers it brings,” the Emir of Kuwait, Sheik Sabah Al-Ahmed Al-Jaber Al-Sabah, said. 
“The stability and security of Iraq means the stability and security of Kuwait and the whole region.”
The donations on the third day of the conference still fell far short of the overall figure required by Iraq to rebuild.
Iraqi officials estimate that $17 billion needs to go toward rebuilding homes. The United Nations estimates 40,000 homes need to be rebuilt in Mosul alone.
“We look at the future of Iraq with confidence…we are determined to succeed to create the inclusiveness (of the Iraqi people) despite the challenges that we face today and will face in the future,” Iraqi Prime Minister, Haider Al-Abadi, said.
EU foreign policy chief Federica Mogherini said Iraqi people were finally united for a common purpose, which is the defeat of Daesh and the rise of a new Iraq.
“Despite years of conflict, there is still a common identity that binds together the people of Iraq,” she said.
“We have to ensure that the dark days of Iraq are gone for good. Investing in infrastructure is essential, so is investing in human capital.”
Mogherini said the European Union aid would go towards humanitarian development and stabilization.
Millions of Iraqis have returned to their homes to rebuild their lives, but 2.5 million remained displaced, according to the UN.
UN Secretary General, António Guterres, on Wednesday launched a program focussed on revitalizing areas of Iraq most at risk of violence and supporting an inclusive political process.
“Iraqis are building a new Iraq,” Guterres said. “An Iraq that is ready for wide-ranging reforms, including to its public finance and security sectors. The UN system will do its part and stand with you every step of the way.”
Other pledges came from Japan, which said it would contribute $100 million this year through UN agencies and international organisations. Daesh seized large areas of north and west Iraq in 2014. Baghdad finally announced the extremist’s defeat in December.
Cities like Mosul and Ramadi suffered the worst destruction during the group’s violent occupation. Extensive damage was also done to the country’s infrastructure, including the oil and gas sectors.

(With AP and Reuters)


Israeli air strike kills Hamas man in Gaza

Updated 19 July 2018
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Israeli air strike kills Hamas man in Gaza

GAZA: An Israeli air strike in the Gaza Strip killed a member of the militant Hamas group on Thursday and wounded three others, Hamas sources and medical officials said.
The Israeli military confirmed it had carried out an air strike targeting Hamas militants who were about to launch balloons rigged with flammable material over the border into Israel.
Hamas sources said the casualties were security men working at an observation post near Rafah, in the southern Gaza Strip.
Fires caused by incendiary helium balloons and kites launched by Palestinians in Gaza have ravaged tracts of farmland in Israel in recent months. Israel has vowed to stop the attacks, even at the risk of wider conflict.
Weekly clashes at the Israel-Gaza border have kept tensions at a high for months. More than 130 Palestinians have been killed by Israeli forces during protests at the frontier held every week since March.
Israel says Hamas has been orchestrating the demonstrations, dubbed The Great March of Return, to provide cover for militants' cross-border attacks. Hamas denies this.
Cross-border violence surged on Saturday when Palestinian militants fired more than 100 rockets into Israel and the Israeli military carried out dozens of air strikes in the Hamas-ruled enclave.