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Iraq Requires $88.2bn For Reconstruction - Minister

Iraq Requires $88.2bn For Reconstruction - Minister

Iranian Foreign Minister Mohammad Javad Zarif is going to take part in a conference on the reconstruction of Iraq.

The Emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, has pledged $2 billion to the reconstruction of Iraq.

Sharing in a similar vision, in unison with other Arab countries, the officials discussed gathering sufficient financial aid that would lead to the successful development of the Iraq based sectors and its people and attract foreign investment as Iraq opens for business.

Governments from around the world on Wednesday pledged billions of dollars in loans and investment for the reconstruction of Iraq, a nation reeling from a three-year war against Daesh terrorist group.

The US leads the coalition and hopes that after a three-year fight to defeat the militants it can count in large part on Gulf allies to shoulder the burden of rebuilding Iraq.




Baghdad says it needs almost $90 billion to rebuild after three years of war with Daesh devastated homes, schools, hospitals and other infrastructure.

As a result of the implementation of projects Turkey will propose, many Iraqis will have jobs and be able to return home. Only half have returned to their hometowns in Iraq.

Other global players participating in the conference have also pledged their support, with the European Union promising €400 million ($494 million) in investment and the United States extending its $3 billion credit line, but not promising any direct government aid. Its militants have also been largely defeated in neighbouring Syria.

United Nations Secretary General Antonio Guterres urged the worldwide community to address the scope of devastation that the war in Iraq has caused, saying the UN is firmly committed to the reconstruction process in Baghdad, which he reiterated would be a "daunting task.to ensure a unified nation".

"Adulfattah told the worldwide donors' conference that rebuilding Iraq is restoring hope to Iraq, and restoring the stability of Iraq is stabilising the states of the region and the world", said Planning Minister Salman al-Jumaili. The US appreciates the "generous contributions" of coalition members over the past year but more is needed, Tillerson said.

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