Saudi Arabia pledges $1.5 bln for Iraq reconstruction

Saudi Arabia has allocated $1.5 billion for the reconstruction of Iraq, foreign minister Adel Al Jubeir said at the Kuwait International Conference of Iraq Reconstruction and Development.

The pledge includes a $1 billion loan to be issued by the Saudi Fund for Deveopment, in addition to $500 million in export credit.

“The Saudi-Iraqi coordination council came amid efforts to boost mutual ties as well as cooperation in political, economic, trade, investment as well as other fields,” Al-Jubeir said.

At the conference, Kuwait pledged to offer $1 billion in loans from the Kuwait Fund for Arab Economic Development and $1 billion in direct investments.