Reconstruction From War With ISIS Will Cost Iraq $88 Billion

KUWAIT( Reuters) – Rebuilding Iraq after three years of conflict with Islamic State will cost $88.2 billion, with dwelling a particularly urgent priority, Iraqi officials told an international conference on Monday.

Donors and investors have gathered in Kuwait this week to discuss efforts to rebuild Iraq’s economy and infrastructure as it has emerged from a devastating is consistent with the hardline activists who grabbed almost a third of the country.

Iraq proclaimed succes over Islamic State in December, having taken back all the territory captured by the militants in 2014 and 2015.

About $22 billion will be required in the short term and the other $66 billion in the medium term, the director-general of the country’s planning ministry, Qusay Adulfattah, told the conference, without indicating any timeframe.

“Rebuilding Iraq is restoring hope to Iraq, and restoring the stability of Iraq is stabilizing the states of the region and the world, ” said Planning Minister Salman al-Jumaili, adding that the reconstruction was therefore likewise the responsibility of the international community.

Marius Bosch/ Reuters About $22 billion will be required in the short term and another $66 billion in the medium term to rebuild Iraq.

The United States, which produces an international coalition that provided Iraq with key air supporting in the fight against Islamic State, does not plan to pledge any money at the Kuwait conference, U.S. bureaucrats said.

Nations could help by acting as guarantors with lenders, letting Iraq to take out soft loans to fund infrastructure projects, Mahdi al-Alaq, the Secretary-General of Iraq’s Council of Ministers, told the conference, adding that there were preliminary indications that some states would do so.

The housing sector has the most urgent need for funds, said Raja Rehan Arshad, the lead tragedy risk management expert for the World Bank.

Around 138,000 dwelling divisions had been damaged and half of them were completely destroyed, said Mustafa al-Hiti, who runs Iraq’s Reconstruction Fund for The regions affected by Terroristic Operations.

About 2.5 million Iraqis remain displaced by the fighting, he added.

Iraq has been plagued by violence over the past 15 years.

A U.S.-led invasion toppled Saddam Hussein and was followed by years of revolt, sectarian bloodletting between Sunnis and Shi’ites, as well as ethnic tensions between the Arabs and Kurds, all before Islamic State emerged in 2014.

AHMAD AL-RUBAYE via Getty Images This combining of pictures proves a general opinion of the extermination in Mosul’s Old City on July 9, 2017, left, and the same view on January 8, 2018, six months after Iraqi armies grabbed the country’s second metropoli from Islamic State group jihadists.

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