Published: Mon, February 12, 2018
Worldwide | By Isabel Fisher

Reconstruction will cost $88.2 billion

Reconstruction will cost $88.2 billion

Iraq declared victory over the IS group in December after capturing nearly all of the territory seized by the militants in 2014 and 2015.

Kuwait will host an global conference on Iraq's reconstruction on February 12-14.

Iraq is looking to attract $100 billion worth of foreign investment that would help it rebuild its oil refining and petrochemicals sectors and reconstruct crucial infrastructure after it repelled Islamic State out of its territory following a three-year war against the militants, said a report.

Rebuilding homes, hospitals, schools, roads, businesses and telecommunications will be key to providing jobs for the young, ending the displacement of hundreds of thousands of people and putting an end to decades of political and sectarian violence.

Mahlab highlighted the rise in economic growth rates, noting that Egypt's economic reforms and development plans have actually started to bear fruit but they still need to be given more time to prove their complete success and to really reflect on the daily lives of citizens. The fighting left large swathes of the country destroyed and millions displaced.

"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 ISIS.

Reconstruction process in Iraq requires sound planning, said Abdulwahab Al-Bader, Director General of Kuwait Fund for Arab Economic Development (KFAED) on Monday. Baghdad is determined to clamp down on "bureaucratic routine and corruption that in some cases are delaying investments", he said, responding to complaints by Kuwait companies about the difficulties of doing business in Iraq.

TigerSwan has been a licensed provider of safety and risk management services in Iraq for over 10 years and many of its employees served in Iraq as service members. Iraq reopened to foreign investment in 2003 after the US-led invasion that toppled Saddam Hussein, but the vast majority of the billions of dollars invested went to increasing its oil and natural gas production.

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