Iraq's reconstruction after ISIL defeat to cost $88 bln

Iraq's reconstruction after ISIL defeat to cost $88 bln

Iraq's reconstruction after ISIL defeat to cost $88 bln

Iraq is looking to attract US$100 billion worth of foreign investment that would help it rebuild its oil refining and petrochemicals sectors and reconstruct crucial infrastructure after it repelled Islamic State out of its territory following a three-year war against the militants.

Donors and financiers gathered at the conference for the week will try to work out a plan to rebuild Iraq's crumbling infrastructure and cratering economy.

The government appeal was made during an global aid conference that opened in Kuwait on Monday.

Iraq needs around $22bn in the short term and another $66bn in the medium term, said the director-general of the country's planning ministry Qusay Adulfattah.

Officials said housing was an urgent priority - the war damaged some 138,000 housing units, of which half had been completely destroyed.

"Violence may have subsided in Iraq, but it has upended the lives of millions across the country, leaving one in four children in poverty and pushing families to extreme measures to survive", they said in a joint statement. These projects are largely focused on infrastructure, with rebuilding the facilities at Mosul's airport a major focus, according to Reuters.

"All told, the Iraq government is seeking about $100 billion in foreign investment for its energy, agricultural and transport sectors", added WSJ. He said there were preliminary indications that some states would do so.

More news: OxyContin maker says it will no longer market opioid to doctors

Lise Grande, UN Humanitarian Coordinator for Iraq, warned failure to help Iraq could lead to renewed instability.

However, the secretary-general of Iraq's Council of Ministers Mahdi al-Alaq said nations could it help by acting as guarantors with global lenders.

Non-governmental organizations pledged $330 million in humanitarian aid at a parallel NGO conference, Kuwait's state news agency KUNA reported.

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

Iraq hopes to raise billions of dollars in pledges at the three-day meeting, as the country reels from the rise of IS and punishing fightback against the jihadist group. It was at war with Iran for most of the 1980s, and its invasion of Kuwait in 1990 led to war with a USA -led coalition and more than a decade of global sanctions.

The US also occupied Iraq for eight years after its invasion of the country in 2003, which led to the fall of former strongman Saddam Hussein.

Tuesday's announcement is part of the government's Middle East strategy which includes a contribution of $2 billion over three years which is meant to go toward security, stabilization and humanitarian assistance in response to the crises in Iraq and Syria and their impacts on Jordan and Lebanon.

Related news