Iraq says reconstruction after war on Islamic State to cost $88 billion

Iraq says reconstruction after war on Islamic State to cost $88 billion

The housing sector has the most urgent need for funds, he added.

"If the worldwide community doesn't help the government of Iraq to stabilize these areas (devastated by the war) the gains against Daesh could be at risk", she said, using the Arabic acronym for Islamic State.

But U.S. officials said the United States, which leads an worldwide coalition that provided Iraq with key air support in the fight against ISIS, does not plan to pledge any money at the Kuwait conference.

"What we have accomplished is less than one percent of what Iraq needs", Hiti said.

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

The IS takeover also dealt a heavy blow to Iraq's economy. 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.

"Rebuilding and restoring communities is a complex effort, covering everything from clearing explosive hazards to repairing damage to infrastructure to restoring basic services, and facilitating social cohesion so that communities can again begin to flourish".

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Iraq has been dogged for decades by violence and instability.

In his speech at the opening ceremony of the Kuwait International Conference for the Reconstruction of Iraq (KICRI), the Iraqi minister said his country needs 88.2 billion dollars to rebuild what has been destroyed by conflicts and the latest war against Daesh (IS).

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.

Awat told KUNA that the Foundation will take part in the "Conference of Non-Governmental Organizations (NGOs) to Support the Humanitarian Situation in Iraq" on February 12, 2018.

USA officials said the United States, which occupied Iraq from 2003-2011 and now leads an global coalition that provided air support against Islamic State, does not plan to pledge funds at the Kuwait conference.

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.

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