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Iraq Seeks $88.2 Billion For Reconstruction After Years Of War Against ISIS

12 February 2018

"Rebuilding Iraq is restoring hope to Iraq, and restoring the stability of Iraq is stabilising the states of the region and the world", said Planning Minister Salman al-Jumaili, adding that the reconstruction was therefore also the responsibility of the worldwide community.

Qusai Abdelfattah, director general at the planning ministry, said US$22 billion of those funds were needed immediately and the rest for the medium term.

He made the remarks at the Kuwait International Conference for the Reconstruction of Iraq (KICRI).

Officials said housing was an urgent priority - the war damaged some 138,000 housing units, of which half had been completely destroyed.

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Iraq was viciously attacked by terrorism, which have led to the displacement of over five million Iraqis, he said. He said there were preliminary indications that some states would do so.

Participants attend a presentation during the Kuwait International Conference for Reconstruction of Iraq on February 12, 2018, in Kuwait City. Iraq has been plagued by violence over the past 15 years.

"If the global 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.

"But what we have accomplished is less than one per cent of what Iraq needs", Hiti said.

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Iraq is the 10th most corrupt country in the world, according to Transparency International.

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 $6-billion project for the Grand Port of Al Faw at Basra, it added. From providing protective services, secure housing and life support, construction management and logistical support, TigerSwan's experience in Iraq spans over a decade, and the company looks forward to participating in this next chapter.

Since the 1980s, resource-rich Iraq has been battered by war and worldwide economic sanctions.

A US -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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Iraq Seeks $88.2 Billion For Reconstruction After Years Of War Against ISIS