Iraq seeks $100 billion from donors for post-ISIL reconstruction

Glen Norman
February 15, 2018

The three-day meeting, which brings together several economic powers, as well as regional and global organizations, will touch upon needed contributions to rebuilding Iraq after many years of war and conflict that ripped through various parts of the country.

Regarding the objectives of the conference, Ghasemi said that the goal of the conference is to bring together various global resources to reconstruct Iraq, especially to rebuild war-stricken areas, and to eradicate the root cause of domestic violent conflicts, and to attract national and foreign investment.

In accordance with this, Foreign Minister Mevlüt Çavuşoğlu, who is scheduled to attend the Kuwait International Conference for the Reconstruction of Iraq, will announce Turkey's major projects for Iraq today.

About $22 billion is required in the short term and another $66 billion in the medium term, the director-general of the country's planning ministry, Qusay Adulfattah, told the conference, which lasts until Wednesday.

Around 138,000 housing units have been damaged and half of them are completely destroyed, Mustafa al-Hiti, who runs Iraq's Reconstruction Fund for Areas Affected by Terroristic Operations, told the conference.

In addition to requesting global support, Iraq is also seeking private-sector investments.

About 2.5 million Iraqis remain displaced by the fighting, he added. The fighters have also been largely defeated in neighbouring Syria. It fought Iran for most of the 1980s and invaded Kuwait in 1990, leading to defeat by a US -led coalition and more than a decade of sanctions.

The United Nations has warned that the failure of the worldwide community and major powers in the West to help Iraq could lead to renewed instability.

The conference kicked off Monday in Kuwait City, Kuwait's capital, with the focus on postwar reconstruction of Iraq and vital issues concerned. Baghdad has said it is determined to tackle the red tape and corruption that hamper investment.

The United States will be a main absentee from plans to contribute to Iraq's finances, USA officials say as Baghdad seeks to rebuild the country following a devastating battle against the Daesh Takfiri terrorist group.

Iraq reopened to foreign investment after 2003, with most spent on increasing its oil and natural gas production. 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.

This funding also helps internally displaced people in Iraq return home safely and supports the clearance of explosive remnants of war and improvised explosive devices in areas newly liberated from Daesh, states the release.

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