Iraq Seeks $88 Billion For Reconstruction

Iraq Seeks $88 Billion For Reconstruction

The reconstruction of Iraq, which has been devastated by years of war and financial difficulties, will cost roughly $88.2 billion, according to an Iraqi official.

The World Bank's private sector arm urged worldwide companies on Sunday to overcome concerns about funding reconstruction projects in Iraq and seize high-yield investment opportunities in the country.

About $22 billion will be required in the short term and $65 billion in the medium term, Reuters reported Adulfattah saying at the conference, which was arranged to discuss Iraq's reconstruction.

About 1,900 delegates have registered to attend the conference, representing foreign governments, private sector companies and global organisations, NIC head Sami al-Araji told the gathering at the Kuwait Chamber of Commerce.

Fleeing Iraqi civilians walk past the heavily damaged al-Nuri mosque as Iraqi forces continue their advance against ISIS in the Old City of Mosul on July 4.

Mahlab highlighted the rise in economic growth rates, noting that Egypt's economic reforms and development plans have actually started to bear fruit but they still need to be given more time to prove their complete success and to really reflect on the daily lives of citizens. About 2.5 million Iraqis remain displaced by the fighting, he added. He said there were preliminary indications that some states would do so.

The United States, which leads an worldwide coalition that provided Iraq with key support in the fight against IS, does not plan to pledge any money at the conference, US officials said.

Iraq was viciously attacked by terrorism, which have led to the displacement of over five million Iraqis, he said.

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.

Iraq reopened to foreign investment after the 2003 invasion but the vast majority of the billions of dollars invested went to increasing its oil and natural gas production.

Around 70 humanitarian organizations, including 25 from Iraq and 15 from Kuwait, will partake in the conference.

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