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Iraq receives the first installment of the Kuwaiti loan of one billion dollars

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Iraq receives the first installment of the Kuwaiti loan of one billion dollars

Post  RamblerNash on Fri Jul 06, 2018 12:08 am

Iraq receives the first installment of the Kuwaiti loan of one billion dollars

2018/7/5 18:48

The Kuwait Fund for Arab Economic Development (KFAED) on Thursday began implementing its pledges at the Kuwait International Conference on Iraq Reconstruction, which it hosted in February by granting Iraq a loan of 23.5 million Kuwaiti dinars (about 80 million dollars) To fund the project to establish and equip 73 schools in 15 Iraqi provinces.

The project aims to support the economic and social development in Iraq by raising the educational and vocational level of students in the primary and secondary levels, to provide students with educational opportunities, provide additional classrooms, build new schools and contribute to reducing the phenomenon of dropout.

The Conference on the Reconstruction of Iraq, held from February 12 to 14, chaired by five parties - the European Union, Iraq, Kuwait, the United Nations and the World Bank - reflected the strong belief of the State of Kuwait in the importance of Iraq's stability and prosperity as an important and influential country, especially in the current circumstances.

Kuwait's Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah announced the commitment of the State of Kuwait to allocate one billion dollars to a loan facility under the mechanisms of the Kuwait Fund for Arab Economic Development and $ 1 billion to invest in investment opportunities in Iraq.

The conference concluded with contributions of $ 30 billion announced by the participating countries and countries, which amounted to 76 countries, regional and international organizations, 51 development funds, regional and international financial institutions, 107 local, regional and international non-governmental organizations and 1850 private sector representatives.


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