Minister: Iraq seeks $88.2 bln for reconstruction

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Iraq needs 88.2 billion US dollars to rebuild after years of war against the ISIL group, Planning Minister Salman al-Jumaili said Monday, as an international conference on the country's reconstruction opened in Kuwait.

Iraq hopes to raise billions of dollars in pledges at the three-day meeting, as the country reels from the rise of ISIL and punishing fightback against the jihadist group.

Baghdad declared victory against ISIL in December, after almost three years of war against the jihadist group that left large swathes of the country destroyed and millions displaced.

The 88.2-billion US dollar estimate was based on an assessment study by Iraqi and international experts, the planning minister said.

Qusai Abdelfattah, director general at the planning ministry, said 22 billion of those funds were needed immediately and the rest for the medium term.

A general view shows a part of Mosul's Old City, on January 8, 2018, six months after Iraqi forces seized the country's second city from ISIL group jihadists. /VCG Photo

"We have started some reconstruction programs in areas affected by war," said Mustafa al-Hiti, head of the reconstruction fund for areas hit in the fight against ISIL.

"But what we have accomplished is less than one percent of what Iraq needs," Hiti said.

He said funds are urgently needed to "restore basic and infrastructure services" in many provinces.

"We have more than 138,000 houses damaged, more than half this number completely destroyed," Hiti said, adding that more than 2.5 million Iraqis are still displaced.

Since the 1980s, resource-rich Iraq has been battered by war and international economic sanctions.

The Kuwait International Conference for the Reconstruction of Iraq kicked off Monday in Kuwait City, Kuwait's capital, with the focus on postwar reconstruction of Iraq and vital issues concerned.

The three-day meeting, which brings together several economic powers, as well as regional and international organizations, will touch upon needed contributions to rebuilding Iraq after many years of war and conflict that ripped through various parts of the country.

Workers are seen at bridge construction site in Mosul, Iraq after 9 months long anti Daesh operations on January 25, 2018. /VCG Photo

The conference will also discuss several developments and vital aspects pertaining to Iraq, including the participation of the private sector in the reconstruction process.

The meeting will be co-chaired by Kuwait and Iraq, as well as the United Nations, the European Union and the World Bank.

The first day of the conference will deliberate and assess the overall damage caused by the war and issues that need to be addressed, as well as projects to support stability, community reconciliation and peaceful coexistence in Iraq.

The second day will tackle procedures for creating a suitable environment for investment, through the showcasing of 212 projects in all sectors of the Iraqi economy, including projects in Iraq's Kurdistan region.

The third day will see the declaration on the overall contributions to Iraq.

Source(s): AFP ,Xinhua News Agency