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Iraq's reconstruction will cost $88.2 billion, planning ministry says

12 February 2018

The Director General of the Iraqi Ministry of Planning Qusay Abdulfattah said at the conference that the reconstruction of Iraq requires 22 billion dollars urgently in the short term, and 66 billion dollars in the medium term.

Reconstruction in Iraq requires 88.2 billion USA dollars, said Iraqi Planning Minister Salman Al Jumaili on Monday.

Egyptian Presidential Assistant For National and Strategic Projects Ibrahim Mahlab said Egypt's participation in the International Conference on the Reconstruction of Iraq reflects its pioneering role at the Arab, regional and international levels.

The International Finance Corporation's country manager for Iraq, Ziad Badr, was speaking in Kuwait ahead of an international conference this week for donors and investors to rebuild and revive Iraq's economy as it emerges from a devastating three-year war against Daesh (ISIS).

The projects include rebuilding destroyed facilities like Mosul's airport and new investments to strengthen and diversify the economy away from oil sales, by developing transport, agriculture and industries based on the nation's energy wealth, including petrochemicals and oil refining. Half of Iraq's schools need repairs and over 3 million children have had their education interrupted, it said.

However, the secretary-general of Iraq's Council of Ministers Mahdi al-Alaq said nations could it help by acting as guarantors with worldwide lenders. We were there to participate in the coalition. About 2.5 million Iraqis remain displaced by the fighting, he added.

France has been a key member of the USA -led military coalition against ISIL. The fighters have also been largely defeated in neighboring Syria.

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.

Iraq has been dogged for decades by violence and instability.

Since the 1980s, resource-rich Iraq has been battered by war and global economic sanctions.

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

Iraq's reconstruction will cost $88.2 billion, planning ministry says