Cost of rebuilding Iraq pegged at more than $88B US

15 February, 2018, 05:25 | Author: Essie Rivera
  • Over 80 billion dollars are need to rebuild post-ISIS Iraq

In order to rebuild the country after three years of fighting ISIS terrorism, Iraq needs USD88.2 billion, Planning Minister Salman al-Jumaili said Monday at an worldwide conference on the country's reconstruction in Kuwait.

The rebuilding effort includes Iraq's infrastructure and economy.

He made the remarks at the Kuwait International Conference for the Reconstruction of Iraq (KICRI).

About $23 billion will be needed in the short term and more than $65 billion in the medium term, the director-general of Iraq's planning ministry, Qusay Adulfattah, told the conference.

Other Iraqi authorities said that a bulk of the funds was urgently needed for rebuilding the houses destroyed during the Daesh militancy, which are estimated at around 147,000 units.

Iraq has introduced a raft of measures in a bid to provide an investment-friendly environment, including administrative and financial reforms, he said. These projects are largely focused on infrastructure, with rebuilding the facilities at Mosul's airport a major focus, according to Reuters.

Nations could help by acting as guarantors with lenders, allowing Iraq to take out soft loans to fund infrastructure projects, Mahdi al-Alaq, secretary general of Iraq's Council of Ministers, told the conference.

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Housebuilding is the most urgent task for Iraq, said Raja Rehan Arshad, the lead disaster risk management specialist for the World Bank.

Lise Grande, UN humanitarian co-ordinator for Iraq, said failure to help Iraq could lead to renewed instability. He added there were early indications that some states are willing to do so.

At a press conference held on the sidelines of the opening of the KICRI media center, Sheikh Sabah Khaled Al-Hamad Al-Sabah said Kuwait host these events to support Iraq and stand by its side.

Al Jazeera's Sami Zeidan reports from Kuwait.

It must renew its embrace of the rule of law, as well as provide answers to families whose loved ones went missing in the war, said Katharina Ritz, the head of the delegation in Iraq for the International Committee of the Red Cross. However, the U.S. provided Iraq with over $600 million in humanitarian funding for the fiscal year of 2017, according to U.S. Aid.

Iraqi forces are backed by an worldwide coalition led by the United States, which pounds militant strongholds from the air.

Iraq hopes to raise billions of dollars in pledges at the three-day meeting, as the country reels from the rise of IS and punishing fightback against the jihadist group. The years of insurgency, sectarian violence and ethnic tensions that followed his overthrow in 2003 helped fuel the emergence of IS, a little more than a decade later.

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