Turkey to provide $5 billion in credit for Iraq

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Turkey will provide a credit facility of $5 billion to Iraq at a meeting on the country’s reconstruction, Turkish Foreign Minister Mevlut Cavusoglu has stated.

Devastated by a war with Islamic State extremists that razed its cities and left millions homeless, Iraq has asked affluent allies led by the United States for $88 billion to rebuild.

Numerous Iraqi cities were reduced to rubble in the fighting, particularly Mosul, the country’s second largest. Iraq estimated that it would need $88 billion to pay for reconstruction. The majority of that is to come from Arab donors in the Persian Gulf, with the Saudis, Emiratis, Kuwaitis and Qataris all pledging around $1 billion each.

Turkey promised five billion dollars in loans on Wednesday for rebuilding neighbouring Iraq. The money would be for “projects and investments,” Turkish Foreign Minister Mevlut Cavusoglu said on the sidelines of the conference on Iraq’s reconstruction.

“Declared Turkey will provide a credit facility of 5 billion USD to Iraq at the International Conference for Reconstruction of Iraq. As a neighbor, friend and reliable partner, we will always stand by our Iraqi brothers” Cavusoglu said on his Twitter account.

“We will also provide project support of 50 million dollars to Iraq. Economic, social, cultural projects and aids by TIKA will continue as well.” he added.