USD88bln needed to rebuild Iraq

15 Febrero, 2018, 05:25 | Author: Kelly Blake
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Kuwait City, Feb 12 Iraq needs Dollars 88.2 billion to rebuild after three years of war against the Islamic State group, Planning Minister Salman al-Jumaili said today at an worldwide conference on the country's reconstruction in Kuwait.

As a three-day global reconstruction conference got underway in Kuwait, officials were seeking pledges from donors and investors to restore Iraq s devastated homes, schools, hospitals and economic infrastructure.

Worldwide investors, aid experts, and top diplomats, including U.S. Secretary of State Rex Tillerson, are scheduled to attend the conference. Projects involving education and health for the reconstruction and development of all Daesh-afflicted cities in Iraq, especially Kirkuk, Mosul and Tal Afar, will be presented at the conference. Iraq declared victory over Islamic State in December, after three years of the militant group waging war in large parts of Iraq and Syria.

Non-profit organisations have already pledged more than $330 million to reconstruction programmes aimed at providing humanitarian relief. The funding is also meant to help law enforcement and women's participation in rebuilding the community.

"When the costs of improving governance, upgrading oil and gas infrastructure and other "recovery" expenses are factored in, the needs of the largely Sunni areas rise to $88.2 billion", reported the Wall Street Journal (WSJ), citing a new assessment by experts at the World Bank and the Iraqi government.

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Officials said housing was an urgent priority - the war damaged some 138,000 housing units, of which half had been completely destroyed. While Iraq is OPEC's second-largest crude producer and home to the world's fifth-largest known reserves, it says it needs $7 billion to fix its oil and gas fields.

Raja Rehan Arshad of the World Bank said investment is required across sectors, with more than $17.4 billion needed for housing alone.

Al-Akoub said $42 billion was needed for his province alone, as it is home to Mosul. Thousands of private sector delegates, including representatives from more than 100 American firms are expected to attend.

Ahead of a conference on Iraq's reconstruction that will be held in Kuwait next week, Iraq's National Investment Commission published a list of major strategic projects available for investment, with 157 different opportunities up for grabs.

"I have come to tell you of France's support to accompany you". We will always be there. We were there to participate in the coalition (against IS).

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