Iraq needs $4 billion for new downstream oil investments - Oil minister


Kuwait's Ministry of Foreign Affairs said a total of $30 billion had been secured at the conference.

Saudi Arabia has pledged $1.5 billion and Qatar has pledged $1 billion to help rebuild Iraq after the war with ISIL.Britain said it would grant Iraq export credit of up to $1 billion per year for a decade.The United States said on February 13 that it was extending a $3 billion credit line but has not provided any direct government assistance.

Neighbouring Kuwait said earlier on Wednesday it would lend Iraq $1 billion and commit a further $1 billion in investments.

The Kuwaiti capital is hosting the second day of an worldwide conference aimed at raising funds for reconstructing Iraq, which is reeling from the Daesh terror group's campaign of death and destruction.

Turkey said on Wednesday it would give Iraq $US5 billion in credit lines.

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Saudi Arabia pledged $1.5 billion while the Kuwait-based Arab Fund says Iraq will receive $1.5 billion in infrastructure aid in coming years.

Other global players participating in the conference have also pledged their support, with the European Union promising €400 million ($494 million) in investment and the USA extending its $3 billion credit line, but not promising any direct government aid. Germany said it would provide $350 million in assistance.

European Union's foreign policy chief, Federica Mogherini, promised 200 million euros ($A314 million). "Iraq can not commence the mission of rebuilding itself without support".

During his participation in the Kuwait International Conference for Reconstruction of Iraq, the Minister of Foreign Affairs expressed his appreciation to the Amir of Kuwait, His Highness Shaikh Sabah Al-Ahmed Al-Jaber Al-Sabah for extending an invitation to him to participate, and for his initiative to host the conference.

Iraqi Prime Minister Haider al-Abadi also told the meeting that his government had managed to repatriate half of the displaced.