Iraq Seeks $88 Billion For Reconstruction

US not planning to contribute money at Iraq reconstruction conference officials

Iraq declared victory over the IS group in December after capturing nearly all of the territory seized by the militants in 2014 and 2015.

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

The International Finance Corporation's (IFC) 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 the country emerges from a devastating three-war.

Rebuilding Iraq after years of war and economic turmoil will cost $88.2 billion, the director-general of the country's planning ministry, Qusay Abdulfattah, told an worldwide conference in Kuwait today.

The housing sector has the most urgent need for funds, he added. The fighting left large swathes of the country destroyed and millions displaced. He said there were preliminary indications that some states would do so.

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The United States, which leads the Global Coalition and provided Iraq with essential air support in the fight against the jihadist group, announced it does not plan to contribute any money at the Kuwait conference.

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

"We will also be there in the reconstruction phase", Le Drian said. 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 is the 10th most corrupt country in the world, according to Transparency International.

Railways, airports, and ports construction, reconstruction, and rehabilitation are also high on Iraq's investment opportunities list, including berths for oil products exports and imports at the $6-billion project for the Grand Port of Al Faw at Basra, it added. Iraq has been plagued by violence over the past 15 years.

Billions of dollars poured into Iraq after the 2003 USA -led invasion that toppled dictator Saddam Hussein.

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