Iraq Requires $88.2bn For Reconstruction - Minister

Iraq Requires $88.2bn For Reconstruction - Minister

The donor conference's host Kuwait pledged of $2 billion in investment and loans on Wednesday.

The funds will help Baghdad rebuild the country after the war with Islamic State (IS, formerly ISIS), Reuters said.

The German Federal Ministry for Economic Cooperation and Development (BMZ) says that Germany has contributed almost €1.3 billion to Iraq's economic development since 2014, making it one of the largest financial contributors to the country's rebuilding efforts.

The plan spans the next 10 years and Iraq announced on the opening day of the conference that the country needs investments worth $88.2bn, of which $22bn were required immediately.

Tuesday's meeting comes as defense ministers of the coalition member states will meet in Rome to discuss joint cooperation regarding Daesh foreign fighters.

The victory came at a steep cost for Mosul, as coalition airstrikes and extremist suicide vehicle bombs destroyed homes and government buildings. The United Nations estimates 40,000 homes need to be rebuilt in Mosul alone.


Tillerson also vowed to allocate $200 million to support coalition's efforts against Daesh in Syria.

Canada is one of 74 members of the USA -led Global Coalition against ISIS. USA government auditors also found massive waste and corruption, fuelling suspicions of Western politicians like Trump who want to scale back foreign aid.

Meanwhile, on February 15th, Guterres will travel to Germany to attend the Munich Security Conference and there he will also hold bilateral meetings with the present Heads of State and Government. The package will be structured so that the initial amount could rise to as much as $5 billion over several years.

Iraqi and World Bank officials yesterday talked up legal guarantees available in post-IS Iraq, pointing to an investment law that offers ownership, unlimited cash transfers and tax breaks, among other benefits.

"At a time when only a few countries were participating in the reconstruction of Iraq, Iranian companies were active in building roads in the country and providing Iraqis with engineering services", he told Iranian state news agency IRNA.

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