Allies pledge billions for Iraq's reconstruction

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The event, dubbed the Kuwait International Conference for Reconstruction of Iraq, entered its second day in Kuwait City on Tuesday, with world leaders and senior politicians in attendance.

Speaking at the International Conference for the Reconstruction of Iraq now being held in Kuwait, the Emir announced his intention to lend $1 billion to Iraq and invest a further $1 billion in the country.

Iraq will receive billions of dollars in credit lines, loans and investment from Turkey, Gulf Arab allies, Europe and other countries, their representatives have announced at a conference to help Iraq rebuild after the devastating war against Islamic State.

The Kuwaiti capital is hosting the second day of an global conference aimed at raising funds for reconstructing Iraq, which is reeling from the Daesh terror group's campaign of death and destruction. Germany said it would provide $350 million in assistance.

Kuwait will give $US1 billion ($A1.4 billion) in loans and $US1 billion in direct investments, a stunning donation as only a generation ago Saddam Hussein invaded the small, oil-rich nation.

At the press conference, Tillerson commented extensively on the months-long political crisis pitting Qatar against a four-nation bloc led by Saudi Arabia.

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Qatar announced $US1 billion in loans and investments while the United Arab Emirates pledged $US500 million for rebuilding.

Iraq's Prime Minister Haidar Al Abadi said he was looking forward to "real and strategic" partnerships, as well as collaborations with countries in the region.

The announcement Wednesday falls short of the $88.2 billion requested by Iraq, however it is far higher than the amount previously announced by those taking part.

It took over three years for Iraqi armed forces to fully liberate the country's territory from the clutches of Daesh terrorists.

Iraq invaded oil-rich Kuwait in 1990 under former dictator Saddam Hussein, before it was forced to withdraw by a US -led military coalition.