Iraq’s Minister of Planning said that $88.2 billion were needed to rebuild his country after three years of war against ISIS, noting that the estimate was based on an assessment study by Iraqi and international experts, AFP reported.
Qusai Abdelfattah, director general at the planning ministry, said $22 billion of those funds were needed immediately and the rest for the medium term.
This came at the opening of the Kuwait International Conference for the Reconstruction of Iraq, which began on Monday with the participation of several donor countries and a group of regional and international institutions.
The conference seeks to rally necessary support for the reconstruction of Iraq following the victory achieved over ISIS and is co-chaired by the European Union, Iraq, Kuwait, the United Nations and the World Bank.
Kuwait’s official news agency (KUNA) reported that non-governmental organizations pledged $330 million of humanitarian aid to Iraq at the first day of the conference.
In remarks on Sunday, Kuwaiti Foreign Minister Sheikh Sabah Al-Khalid Al-Hamad Al-Sabah said that his country expected a high contribution to this conference, announcing a follow-up mechanism to motivate donor countries to abide by the pledges announced during the meeting.
In response to a question by Asharq Al-Awsat, Al-Khalid said that the expectations of the conference were high and reflected the international community's determination to help Iraq regain its health and prosperity.
More than 74 donor organizations from around the world are participating in the conference, along with international reconstruction experts who have worked together with the Iraqi government in recent months to plan reconstruction projects, Al-Khalid said.
He added that more than 1,050 private sector entities were also working to contribute to the international effort to rebuild the areas affected by the war on terrorism in Iraq.
“The Iraqi government collaborated with the World Bank to prepare for this conference; we are monitoring the great interest from international companies to participate and get opportunities to contribute to projects, which highlights the importance of this conference,” the minister remarked.
The first day of the conference will discuss the damage caused by the war, as well as projects to support stability, community reconciliation and peaceful coexistence.
The second day will examine the procedures for creating the suitable environment for investment, as 212 projects will be offered to all sectors of the Iraqi economy, including projects in the Kurdistan region.
As for the final day, participating countries will announce the amount of their contribution, in the presence of the Secretary General of the United Nations, the President of the World Bank and the European Union Coordinator.
