World Bank's IFC calls for investment in Iraq reconstruction

Kurdistan hopes to get a fair share during the Reconstruction Conference in Kuwait

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

The rebuilding effort includes Iraq's infrastructure and economy.

In accordance with this, Foreign Minister Mevlüt Çavuşoğlu, who is scheduled to attend the Kuwait International Conference for the Reconstruction of Iraq, will announce Turkey's major projects for Iraq today.

The seven provinces attacked by the terrorists suffered $46 billion in direct damage, including the destruction of 147,000 housing units, and the security forces took $14 billion in losses.

In addition to requesting worldwide support, Iraq is also seeking private-sector investments.

Nations could help by acting as guarantors with lenders, allowing Iraq to take out soft loans to fund infrastructure projects, Mahdi al-Alaq, secretary general of Iraq's Council of Ministers, told the conference.

According to the report, "Iraq: Reconstruction and Investment", released by Kuwait's Chamber of Commerce and Industry in January, more than 200 projects in 10 sectors, including education, health, transportation and agriculture, are ready to receive financing.

"When the costs of improving governance, upgrading oil and gas infrastructure and other "recovery" expenses are factored in, the needs of the largely Sunni areas rise to $88.2 billion", reported the Wall Street Journal (WSJ), citing a new assessment by experts at the World Bank and the Iraqi government.

Yemen's state-run TV says President Abed Rabbo Mansour Hadi has appointed a former finance minister as the head of the country's Central Bank, based in the southern city of Aden.

Lise Grande, U.N. Humanitarian Coordinator for Iraq, said failure to help Iraq could lead to renewed instability.

However, the secretary-general of Iraq's Council of Ministers Mahdi al-Alaq said nations could it help by acting as guarantors with worldwide lenders.

Baghdad has said it is determined to tackle the red tape and corruption that hamper investment.

Large parts of Iraq's second-largest city, Mosul, are still in ruins, more than six months after it was retaken by the government. Iraq has been plagued by violence over the past 15 years. Iraqi forces, aided by Iranian-backed Shiite militias and a US -led coalition, recaptured the city in July 2017.

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