Friday, 17 August, 2018

World Bank's IFC calls for investment in Iraq reconstruction

US not planning to contribute money at Iraq reconstruction conference officials TigerSwan to Attend Kuwait International Conference for Reconstruction of Iraq
Kenny Thornton | 12 February, 2018, 16:52

Rashid Khalikov, UN Assistant Secretary-General for Humanitarian Partnerships with the Middle East and Central Asia, attends a presentation during the Kuwait International Conference for Reconstruction of Iraq on February 12, 2018, in Kuwait City.

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.

The IFC has about $1.2 billion in investments in different Iraqi ventures including banks, cement plants and telecommunications, and is preparing to announce a $250 million investment in a telecommunication venture, he said.

Mahlab highlighted the rise in economic growth rates, noting that Egypt's economic reforms and development plans have actually started to bear fruit but they still need to be given more time to prove their complete success and to really reflect on the daily lives of citizens.

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

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A USA -led invasion toppled Saddam Hussein in 2003 and was followed by years of insurgency, sectarian bloodletting between Sunnis and Shias, as well as ethnic tensions between the Arabs and Kurds, all before ISIS emerged in 2014.

In his speech at the opening ceremony of the Kuwait International Conference for the Reconstruction of Iraq (KICRI), the Iraqi minister said his country needs 88.2 billion dollars to rebuild what has been destroyed by conflicts and the latest war against Daesh (IS). "I have come to tell you of France's support and to accompany you". "We hope French expertise will be used for the reconstruction", Iraq's Foreign Minister Ibrahim al-Jaafari replied.

Non-governmental organizations pledged $330 million U.S. 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.

Le Drian, who previously visited Baghdad in August past year, was also scheduled to meet Iraq's Prime Minister Haider al-Abadi, President Fuad Massum and parliament speaker Salim al-Juburi.

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