Wednesday, 15 August, 2018

Canada contributing $12M to rebuilding critical infrastructure in Iraq

GCAD Foreign Ministers’ meeting GCAD Foreign Ministers’ meeting
Ellis Copeland | 14 February, 2018, 18:35

That the conference is being hosted in Kuwait is of particular significance given the history of animosity between the two states.

Iraqi Planning Minister, Salman Al Jumaili, on Monday at the opening ceremony of Kuwait International Conference for Reconstruction of Iraq (KICRI) says Iraq requires 88.2 billion dollars for reconstruction.

According to UNICEF representative in Iraq Peter Hawkins, the conference on the reconstruction of this country, organized by Kuwait and scheduled for February 12th to 14th, represents a unique opportunity to draw attention to the alarming situation of children, among other issues.

With the help of a US-led alliance, Iraq declared victory over "Islamic State" insurgency in December 2017, after its forces successfully reclaimed all the territory held by the extremist group.

Araji said investors in Iraq will find "high risks, but high returns". The US is not expected to make a direct government contribution at the conference, however.

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The term DFI generally refers to development finance institutions such as multilateral development banks.

The pledges came on the final day of an global donor conference in Kuwait where Iraqi officials have made the case for foreign investment in what they said would be "a new Iraq".

"But it is also - and there are Arab donors willing to help and support - focus your efforts on those areas where it actually achieves something in terms of stabilisation and countering foreign influence".

At the beginning of the war in 2014 Islamic State held nearly a third of the territory inside Iraq, and controlled as much as 34,000 square miles across Iraq and neighbouring Syria, as it pushed to establish an ancient caliphate across the Middle East and beyond.

He said tens of billions more were lost indirectly through damage to the wider economy and years of lost growth.

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