Iraqi reconstruction to cost $88 billion

Iraqi reconstruction to cost $88 billion

Iraqi reconstruction to cost $88 billion

Foreign ministry spokesman added that Iran welcomes the conference in Kuwait and the global community's contribution to the process of reconstruction, and emphasizes the need for the honest and unconditional participation of the worldwide community in the reconstruction of Iraq. Projects involving education and health for the reconstruction and development of all Daesh-afflicted cities in Iraq, especially Kirkuk, Mosul and Tal Afar, will be presented at the conference.

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

But the fightback left much of the country devastated.

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The IS takeover also dealt a heavy blow to Iraq s economy. While Iraq is OPEC's second-largest crude producer and home to the world's fifth-largest known reserves, it says it needs $7 billion to fix its oil and gas fields.

The speakers said the size of the damage and the lack of basic services has made living in those areas nearly impossible, confirming the need to help the displaced and to facilitate their lives and work to return them to their areas after rehabilitating them. Almost $30 billion is needed to restore energy and industrial infrastructure, he said.

The conference brings together hundreds of representatives of countries, aid groups, United Nations agencies and corporations.

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The UN refugee agency said the conference offered a "unique opportunity" to help displaced Iraqis rebuild their lives.

In December past year, Iraq declared the war with ISIS over and is now seeking foreign investments in major projects that would help it to revive its economy, which has also been hurt by low oil prices.

The U.S. -backed military campaign that defeated Islamic State militants in Iraq has resulted in $45.7 billion in damage to the country's houses, power plants, schools and other civilian infrastructure, according to a new assessment by experts at the World Bank and the Iraqi government. Thousands of private sector delegates, including representatives from more than 100 American firms are expected to attend. We will always be there. We maintain that participation of the global community in the reconstruction of Iraq is a necessary move in the right direction.

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Railways, airports, and ports construction, reconstruction, and rehabilitation are also high on Iraq's investment opportunities list, including berths for oil products exports and imports at the US$6-billion project for the Grand Port of Al Faw at Basra.

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