Iraqi Prime Minister Haider al-Abadi (L), Emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber al-Sabah (C) and Secretary general of the United Nations Antonio Guterres attend the second day of an international conference for reconstruction of Iraq, in Kuwait City, on February 14, 2018. (AFP photo)

KUWAIT CITY, Feb. 14 (Xinhua) -- Kuwait will allocate one billion U.S. dollars in loan and another one billion U.S. dollars in investment in Iraq to help its reconstruction process, the Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah announced on Wednesday.

He made the announcement at the Kuwait International Conference for the Reconstruction of Iraq (KICRI), being held in Bayan Palace in Kuwait.

The magnitude of destruction inflicted on Iraq by terrorist groups could not be overlooked, which requires Iraq to embark on an inclusive reconstruction process that would cover infrastructure and other public utilities; a task that cannot be endured by Iraq alone, and a matter that urges international community to partake and shoulder its responsibility, the emir said.

"In light of our realization of such consequences, we considered the vital role of the private sector in reinvigorating the investment environment in Iraq. Last night, more than 2,000 businesses from the private sector came to examine investment opportunities in Iraq. Also, non-governmental organizations contributed in lessening suffering of the Iraqi people," he added.

The emir congratulated the Iraqi people on victory achieved, which led to the defeat of the Islamic State (IS) and abolishing it from most its soil.

The three-day KICRI kicked off Monday in Kuwait City, which brought together several economic powers, as well as regional and international organizations, to make contributions to rebuilding Iraq after many years of war and conflict that ripped through various parts of the country.