Iraq will need US $88bn to rebuild its destroyed infrastructures

KUWAIT CITY: Iraq's Minister of Planning, Salman Al-Jumaili said the country will need US$88.2 billion in order to redevelop its destroyed infrastructures estimated at around US$45.7 billion, Bernama report said here on Tuesday.

He said the reconstruction being planned by the Iraqi government, (after the war with the US) had many challenges with the Daesh militants controlling one-third of the country's land.

“Five million people have lost their homes due to the Daesh and (reconstructing) all these destruction will need US$88.2 billion.

“The support of the international community is very crucial at this point in Iraq's efforts to rebuilt and this also poses a very good opportunity for those wishing to invest in the country,” he said, when delivering his speech at the "High Level Experts Meeting about Republic of Iraq Programme for Reconstruction and the Role of Financing Institutions” held here.

The meeting was held in conjunction with the ongoing Kuwait International Conference of Iraq Reconstruction and Development (KICRI) here.

The KICRI, jointly chaired by Kuwait, Iraq, the European Union, United Nations and the World Bank, is intended to raise funds from various parties while garnering international support for the reconstruction of parts in Iraq that have been destroyed in the fight against the Daesh militants.

Among the various programmes to be featured during the conference include the Non Governmental Organisation Conference to look into the humanitarian situation in Iraq, the Iraq open for business meeting and a ministerial level conference.

A meeting of the Global Coalition Against Daesh was also held on Tuesday with representatives from 74 nations to look into drafting strategies and efforts to counter extremism.

The coalition was formed in September 2014 following rising concerns internationally against the threat of the Daesh militants to the peace and security of the world.

Malaysia is being represented by Foreign Minister Anifah Aman at the event, where he is expected to share Malaysia's views on the issue.