World Bank's IFC calls for investment in Iraq reconstruction

US Secretary of State Rex Tillerson greets Iraqi Prime Minister Haider al Abadi at the State Department in Washington DC

The International Finance Corporation's (IFC) country manager for Iraq, Ziad Badr, was speaking in Kuwait ahead of an international conference this week for donors and investors to rebuild and revive Iraq's economy as the country emerges from a devastating three-war.

Aid groups made pledges of $330 million on the first day of the conference, but officials said much more was needed.

He reiterated that Egypt is keen on extending its unique expertise in the accomplishment of mega national projects in a record time to Iraq, especially that the war-torn country needs a lot of logistic services as soon as possible like projects in the fields of energy, hospitals and schools, to pave the way for the return of thousands of displaced people.

After suffering a humiliating defeat at the hands of IS, Iraqi forces regrouped with foreign help, eventually forcing the jihadists out of territory including second city Mosul.

Raja Rehan Arshad of the World Bank said investment is required across sectors, with more than $17.4 billion needed for housing alone. About 1,900 delegates have registered to attend the conference, representing foreign governments, private sector companies and worldwide organisations, NIC head Sami Al Araji told the gathering at the Kuwait Chamber of Commerce.

Iraq has been dogged for decades by violence and instability.

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The World Bank's private sector arm urged global companies on Sunday to overcome concerns about funding reconstruction projects in Iraq and seize high-yield investment opportunities in the country.

Rebuilding Iraq after three years of war with the group Islamic State in Iraq and Syria (ISIS) will cost $88.2 billion USA, with housing a particularly urgent priority, Iraqi officials told an worldwide donors conference on Monday.

Awat told KUNA that the Foundation will take part in the "Conference of Non-Governmental Organizations (NGOs) to Support the Humanitarian Situation in Iraq" on February 12, 2018.

Reconstruction in Iraq requires 88.2 billion USA dollars, said Iraqi Planning Minister Salman Al Jumaili on Monday.

Attending the conference for TigerSwan are Wesley Fricks, Vice President for Government Affairs and Communications; Lt. Col. Kelly Cole (Ret.), Director of Security and Stability Operations; and Alaa Mansour, Operations Director for Iraq."We are honored to be invited to participate in this conference", Fricks stated, "and we look forward to learning more about and supporting the reconstruction of Iraq".

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