Iraq says $4bn needed for new downstream oil investments By

Iraq says $4bn needed for new downstream oil investments By

Heading a diplomatic delegation, the Iranian foreign minister has travelled to Kuwait to join officials from more than 70 countries and worldwide organizations for the conference on rebuilding Iraq.

Iraqi Prime Minister Haider al-Abadi, whose government puts the costs of reconstruction at more than $88bn, said Iraq could not rebuild without outside help.

Tillerson spoke at a meeting of his counterparts from more than 70 countries that contributed militarily or financially in ousting Islamic State militants from virtually all their declared caliphate in Iraq and Syria.

The United States and United Nations say that failure to help Iraq rebuild could unravel gains made against Islamic State there, as the conditions that kindled sectarian alienation and bloodshed, allowing jihadists to take over, would remain.

Araji said investors in Iraq will find "high risks, but high returns". It instead hopes it can count largely on Gulf allies to shoulder the burden of rebuilding Iraq.

Secretary of State Rex Tillerson on Tuesday urged global partners to keep up the pressure on the Islamic State, warning that the terror group remains a threat despite its loss of territory in its former Mideast strongholds.

Qatar pledged $1 billion in loans and investments and the United Arab Emirates pledged $500 million but added that there were $5.5 billion in private sector investments in Iraq.

In an interview with al-Hurra TV, a US-funded Arabic network, Tillerson said the event in Kuwait was not meant to be a donor conference.

"We must continue to clear unexploded remnants of war left behind by ISIS, enable hospitals to reopen, restore water and electricity services, and get boys and girls back in school". "It's not in the question of a pledging thing where we go out with requests, it's underscoring - there is a need for support".

The term DFI generally refers to development finance institutions such as multilateral development banks. Saudi Arabia and regional rival Iran are fighting proxy battles in Syria, Iraq, Yemen, Lebanon and elsewhere.

Germany said it would provide $350 million in assistance.

We discuss Iraq's reconstruction efforts in this week's edition of Beyond the Headlines. The US appreciates the "generous contributions" of coalition members over the past year but more is needed, Tillerson said.

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