Published: Mon, February 12, 2018
Worldwide | By Gretchen Simon

Reconstruction in Iraq requires 88 billion United States dollars and sound planning

Reconstruction in Iraq requires 88 billion United States dollars and sound planning

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.

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.

About 2.5 million Iraqis remain displaced by the fighting, he added.

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.

A member of Iraqi federal police sits next to destroyed buildings in the Old City of Mosul on July 23 after ISIS fighters were defeated in the region.

World War II bomb closes London City Airport
London City Airport has been closed following the discovery of a World War II bomb in the River Thames nearby. German Air Forces during "Blitz" in September 1940 and May 1941 dropped thousands of bombs on London.

The housing sector has the most urgent need for funds, said Raja Rehan Arshad, the lead disaster risk management specialist for the World Bank.

"If the worldwide community doesn't help the government of Iraq to stabilize these areas [devastated by the war] the gains against Daesh could be at risk", she said, using the Arabic acronym for ISIS.

Iraq is looking to attract $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, said a report. 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.

The spokesman also noted that the International Conference for Reconstruction of Iraq is mainly aimed at gathering financial support from different international sources for the reconstruction of the Arab country, particularly its war-torn areas, paving the way for offering lasting solutions to the internal conflicts, modernization of Iraq's local and national capacities, improving Iraq's social structure, creating balance between reconstruction projects and national reconciliation efforts and attracting foreign investments. Iraq is the 10th most corrupt country in the world, according to Transparency International.

It will cost nearly $90bn (£65.1bn) to rebuild war-torn Iraq after three years of bitter fighting with Islamic State (Isis).

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