Iraq Reconstruction: US$30 bln pledged at donor conference
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Now to the Middle East, a donor conference for Iraq's reconstruction concluded on Wednesday in Kuwait. Iraq has been promised a total of 30 billion US dollars to help in its reconstruction. The funds are much needed in the country that has been devastated by years of war and terrorism but it still falls short of the 80 billion dollars Baghdad is seeking. Yasser Hakim has more.
YASSER HAKIM CAIRO "The final day witnesses a series of meetings by foreign ministers of more than 70 countries and 1800 companies to discuss the security situation in Iraq and Iraqi needs from the international community."
Iraq PRIME Minister Hayder Abbady presents his country's economic reform plans and political restructuring program on Wednesday. So far there were no major contributions announced. EXIM BANK has offered a $3 billion funding facility and Kuwait has pledged $2.5 billion for humanitarian assistance.
China's delegation is also studying to invest in infrastructure and energy projects. Iraq says it immediately needs 88 billion dollars for reconstruction. The money will go into infrastructure projects, housing , roads, electricity, hospitals, schools and relocating more than 2.5 million people displaced from their cities. Member states are to announce their contributions in the final session of the conference on Wednesday evening.
YASSER HAKIM CAIRO "However, funds are not expected to cover the $80 billion demanded by Iraq. There are still concerns by some that political divisions and corruption in Iraq still need to be addressed before more finances are allocated. Yasser Hakim, CGTN, Cairo."