Reconstruction of Iraq to cost over $88 billion

Kuwait, February 13: Few months after Iraqi forces declared victory over Islamic State terrorist organization, is now on the way to redevelop the nation with the cost of more than $88 billion. Notably, in December last year, Iraq declared victory over Islamic State after reclaiming all the territory captured by the terrorist group in the year 2014 and 2015.

 

Iraq Planning Minister Salman al-Jumaili during the International Conference on Monday said that rebuilding the whole country after three years of war with Islamic State will cost more than $88 billion with housing a particularly urgent priority. Interestingly, donors and investors from various sectors across the world gathered in Kuwait to discuss efforts to rebuild Iraq’s economy and infrastructure.

Salman al-Jumaili said, “About $23 billion will be needed in the short term and more than $65 billion in the medium term.” “Rebuilding Iraq is restoring hope to Iraq, and restoring the stability of Iraq is stabilizing the states of the region and the world,” he added.

“The seven provinces attacked by the militants suffered $46 billion in direct damage, including the destruction of 147,000 housing units, and the security forces took $14 billion in losses. Tens of billions more were lost indirectly through damage to the wider economy and years of lost growth,” the planning ministry noted.

On this occasion, Iraq’s Planning Minister also published a list of some 157 projects. The list of some 157 projects includes rebuilding homes, schools, roads, businesses and telecommunications. The list also includes rebuilding destroyed facilities such as Mosul airport and new investments to diversify the economy away from crude oil sales, developing transport, agriculture and oil-related industry including petrochemicals and refining.

Iraq was affected due to self-proclaimed caliphate ISIS captured many important governorates. Over 80,000 foreigners from countries such as Tunisia, Libya, Saudi Arabia, Germany, France and the Caucasus were recruited and traveled to Iraq between 2013 and 2016 to fight alongside ISIS.