Wednesday, 12 December, 2018

Reconstruction in Iraq requires 88.2 billion United States dollars

A building heavily damaged by fighting between Iraqi security forces and Islamic State in the Old City of Mosul A building heavily damaged by fighting between Iraqi security forces and Islamic State in the Old City of Mosul
Ellis Copeland | 12 February, 2018, 17:22

The Iraqi National Investment Commission (NIC) last week published a list of 157 projects it will seek investment for at the February 12-14 International Conference for Reconstruction of Iraq, estimated to cost about $100 billion in total.

The Middle Eastern nation declared victory over Islamic State in December, having taken back all virtually all the territory captured by the Islamic terror group in 2014 and 2015.

Qusai Abdelfattah, director-general at the Planning Ministry, said US$22 billion of those funds were needed immediately and the rest for the medium term.

Iraq is hoping to raise billions of dollars at a donor conference starting on Monday in Kuwait - to finance the reconstruction after its campaign against ISIL (the Islamic State of Iraq and the Levant, also known as ISIS).

Rebuilding homes, hospitals, schools, roads, businesses and telecommunications will be key to providing jobs for the young, ending the displacement of hundreds of thousands of people and putting an end to decades of political and sectarian violence.

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More than 138,000 houses in Iraq are damaged, and more than half that number are completely destroyed, according to Mustafa al-Hiti, head of the reconstruction fund for areas hit in the fight against the Islamic State. About 2.5 million Iraqis remain displaced by the fighting, he added. He said there were preliminary indications that some states would do so.

The presidential assistant also noted that Kuwait's hosting the International Conference for the Reconstruction of Iraq emanated from its humanitarian role, describing Emir of Kuwait Sheikh Sabah al Ahmad al Jabir as "a humanitarian leader".

A US-led coalition supported the Iraqi forces, especially in the battle to dislodge them from Mosul, their de facto capital in northern Iraq, in July.

Baghdad has said it is determined to tackle the red tape and corruption that hamper investment.

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

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