Iraq requires roughly 100 billion dollars over the next five years to restore its infrastructure, government spokesman Ali al-Dabbagh said Tuesday at a donor conference in Kuwait City. He tied the need for outside assistance directly to the country's inability to fully exploit its oil revenues while pipelines remain damaged and insecurity persists.
Deputy Prime Minister Barham Saleh announced that the European Union, the United States, and Saudi Arabia all offered new commitments at the one-day Preparatory Meeting for the International Compact with Iraq. Saudi Arabia indicated it would provide 1 billion dollars in grants and loans, along with 500 million dollars in financing for Iraqi business operators.
Representatives from 14 major donor countries and seven international organizations attended the Kuwait session, which finalized a blueprint for cooperation between Baghdad and the broader international community. A formal launch of the Compact is planned for a ministerial-level meeting in mid-December, with the location still to be confirmed. About 40 nations are expected at that gathering.
Donor governments are conditioning aid on Baghdad carrying out economic, social, and security reforms and curbing widespread corruption. Saleh also called for cancellation of tens of billions of dollars in debt accumulated under the former Hussein government.
Historical summary. TurkishPress restated this wire report, first published in November 2006, in its own words.