Conference on Iraq's reconstruction begins in Kuwait

US not planning to contribute money at Iraq reconstruction conference officials

Donors and investors were told the bill to replace housing and infrastructure destroyed by the conflict will amount to $88.2bn by Iraqi officials at an worldwide conference held in neighbouring Kuwait on Monday (12 February).

Referring to the more than $88 billion in reconstruction expenses, Reuters reported Monday, "About $23 billion will be needed in the short term and more than $65 billion in the medium term, the director-general of Iraq's planning ministry, Qusay Adulfattah, told the conference".

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.

Officials said housing was an urgent priority - the war damaged some 138,000 housing units, of which half had been completely destroyed. It "led to the total destruction of its infrastructure".

That money would include loans, loan guarantees and insurance devices to encourage American investment in Iraq.

CNBC, quoted the United Nations estimating that 40,000 homes need to be rebuilt in Mosul alone and Iraqi officials estimate $17bn alone needs to go toward rebuilding homes.

Non-governmental organizations pledged $330 million USA in humanitarian aid to Iraq at a parallel NGO conference on the sidelines of the main reconstruction one, Kuwait's state news agency KUNA reported.

It announced $330 million alone had been pledged Monday for Iraq at a humanitarian conference in Kuwait City.

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

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.

World Bank officials joined Iraqi government representatives on today in Kuwait City to seek pledges from more than 2,000 representatives of global firms in attendance.

Iraq reopened to foreign investment after the 2003 invasion but the vast majority of the billions of dollars invested went to increasing its oil and natural gas production. However, the U.S. provided Iraq with over $600 million in humanitarian funding for the fiscal year of 2017, according to U.S. Aid.

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