Published: Mon, February 12, 2018
World | By Paul Elliott

Reconstruction in Iraq requires 88 billion Dollars and sound planning

Reconstruction in Iraq requires 88 billion Dollars and sound planning

Kuwait International Conference for the Reconstruction of Iraq (KICRI) represents an opportunity to sustain humanitarian action in Iraq, Barzani Charity Foundation representative Awat Mustafa said Sunday.

About $22 billion United States will be required in the short term and another $66 billion USA in the medium term, the director general of the country's planning ministry, Qusay Adulfattah, told the conference, without indicating any time frame. "We hope French expertise will be used for the reconstruction", Iraq's Foreign Minister Ibrahim al-Jaafari replied.

According to a report provided at the conference by the minister, the total damage in Iraq by anti-IS military operations amounted to 45.7 billion dollars, the most affected sectors in this country by the war against IS include housing sector, power, industry and commerce, oil and gas and transport.

The IFC has about $1.2 billion in investments in different Iraqi ventures including banks, cement plants and telecommunications, and is preparing to announce a $250 million investment in a telecommunication venture, he said. He added there were early indications that some states are willing to do so.

The conference will also discuss several developments and vital aspects pertaining to Iraq, including the participation of the private sector in the reconstruction process. Baghdad is determined to clamp down on "bureaucratic routine and corruption that in some cases are delaying investments", he said, responding to complaints by Kuwait companies about the difficulties of doing business in Iraq.

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. Iraq has been plagued by violence over the past 15 years.

A US -led invasion toppled Saddam Hussein in 2003 and was followed by years of insurgency, sectarian bloodletting between Sunnis and Shias, as well as ethnic tensions between the Arabs and Kurds, all before ISIS emerged in 2014.

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