Officials from Baghdad have estimated that rebuilding Iraq devastated by the war with ISIS will take between $80 and $100 billion. So far, Kuwait donor conference partakers pledge nearly $30 bn toward Iraq reconstruction.
Iraq’s capital Baghdad needs nearly $100 billion to rebuild after a grisly war with IS extremists which devastated entire infrastructure. Iraqi homes, schools, hospitals and other buildings have disappeared, the war conflict displaced millions of people.
During the donor conference, the top nations contributors Britain and Turkey discussed their own stipulations. The UK said it would grant Iraq export credit of up to $1 billion per year for a decade. Turkish Foreign Minister Mevlut Cavusoglu said his country would provide $5 in loans and investment, without specifying the breakdown.
UN is ready to support Iraq reconstruction
At the Kuwait conference, UN Secretary-General Antonio Guterres announced the launch of a program to speed up reconstruction. The UN has appealed for $482 million for the first year of its two-year Recovery and Resilience Programme and $568 million for stabilization efforts in high-risk areas.
Guterres said the world “owes a debt” to the Iraqi people who were on the frontlines in the war against a terror group that threatened the entire world and the global community must now stand in solidarity with the Iraqi people.
Iraq’s Foreign Minister told AFP that the country was hoping for more generous financial support.
“We are not disappointed, but the amount was less than expected,”
Ibrahim al-Jaafari explained.