World Bank's IFC calls for investment in Iraq reconstruction

World Bank's IFC calls for investment in Iraq reconstruction

World Bank's IFC calls for investment in Iraq reconstruction

We maintain that participation of the worldwide community in the reconstruction of Iraq is a necessary move in the right direction.

"I don't think that in any other part of the world there are such investment opportunities", Badr said in a speech at the Kuwait Chamber of Commerce and Industry, giving as an example a Lebanese firm making a 24 per cent return on its stake in a luxury hotel in Erbil, the capital of the Kurdish region of northern Iraq.

The Director General of the Iraqi Ministry of Planning Qusay Abdulfattah said at the conference that the reconstruction of Iraq requires 22 billion dollars urgently in the short term, and 66 billion dollars in the medium term. "We hope French expertise will be used for the reconstruction", Iraq's Foreign Minister Ibrahim al-Jaafari replied.

About 2.5 million Iraqis remain displaced by the fighting, he added.

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

APEX, N.C., February 8, 2018 /PRNewswire/ TigerSwan, a Service-Disabled, Veteran-Owned Small Business headquartered in Apex, North Carolina, is sending representatives to Kuwait next week to participate in the Kuwait International Conference for Reconstruction of Iraq.

The conference will also discuss several developments and vital aspects pertaining to Iraq, including the participation of the private sector in the reconstruction process.

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.

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

Around 70 humanitarian organizations, including 25 from Iraq and 15 from Kuwait, will partake in the conference.

A USA -led invasion toppled Saddam Hussein and was followed by years of insurgency, sectarian bloodletting between Sunnis and Shi'ites, as well as ethnic tensions between the Arabs and Kurds, all before ISIL emerged in 2014.

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