$330 million have also been pledged towards humanitarian assistance by worldwide NGOs.
The Emir of Kuwait told the conference that the security and stability of Iraq is integral to his country's stability and that of the wider region, and that in pledging money to aid reconstruction the global community was recognising the huge sacrifices Iraq has made in the face of terrorism.
Arabian Gulf countries and institutions have pledged nearly 10 per cent of the estimated $88 billion needed to rebuild Iraq after the country's gruelling three-year war with ISIL.
Qatar, which has been isolated from a quartet of Arab nations, announced it would contribute $1 billion with Germany pledging another 400 million euros, and the European Union 400 million euros.
Kuwait will celebrate Liberation Day from Iraq in two weeks.
Iraq invaded oil-rich Kuwait in 1990 under former dictator Saddam Hussein, before it was forced to withdraw by a US -led military coalition. Iraq also still owes Kuwait reparations from Saddam's 1990 invasion that sparked the 1991 USA -led Gulf War. An US-led coalition drove Iraq's Republican Guard out of the country in February 1991.
Iraq's minister of planning Qusai Abdelfattah had said his country needed an estimated $88.2bn to achieve its goals - $22bn of which are needed "immediately", he noted.
Wednesday is the last day for the funding to come forward at the summit held in Bayan Palace in Kuwait City.
Canada is working with the United Nations Development Program's stabilization and mine advisory group, which helps displaced people return home and supports the clearance of unexploded munitions and improvised explosive devices.
At the same conference the USA said it was extending a three billion dollars credit line but was not providing any direct government assistance.
Iraqi Prime Minister Haider al-Abadi had previously vowed that his government would work towards combatting corruption and bureaucracy in the country.
Highlighting the significance of the ongoing conference, Zarif expressed the hope that Iraq could fix the huge damage caused by terrorism, through assistance from the neighboring countries and the global community.