Iraq Seeks $100B Investments To Revive Oil, Transport Sectors

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The Journal published the article on the cost of rebuilding the war-ravaged country ahead of comments by Iraqi officials to global donors during a conference in Kuwait Monday, noting that the World Bank assessment is expected to frame reconstruction arguments during the three-day event.

Iraq's volatile security has driven foreign businesses from investing in a country that is only just starting to emerge from a three-year war and has yet to eradicate widespread corruption.

The government appeal was made during an worldwide aid conference that opened in Kuwait on Monday.

About $22 billion will be required in the short term and $65 billion in the medium term, Adulfattah said at the conference, which was arranged to discuss Iraq's reconstruction.

Around 138,000 houses and flats have been damaged, with half of them completely destroyed.

Iraq published a list of 157 projects for which it is seeking private investments at the conference, which some 1,900 delegates representing foreign governments, private firms and nongovernment organizations have registered to attend.

Role of the private sector should be seriously addressed in the reconstruction process in Iraq, said Secretary General of the Iraqi Cabinet Mahdi Al-Allaq on Monday.

Lise Grande, U.N. Humanitarian Coordinator for Iraq, said failure to help Iraq could lead to renewed instability.

The government in Baghdad says it needs almost US$90 billion (RM354.96 billion) to rebuild devastated homes, schools, hospitals and economic infrastructure after three years of war against IS.

Iraq hopes to raise billions of dollars in pledges at the three-day meeting, as the country reels from the rise of IS and punishing fightback against the jihadist group.

Yemen's state-run TV says President Abed Rabbo Mansour Hadi has appointed a former finance minister as the head of the country's Central Bank, based in the southern city of Aden.

"If the worldwide community doesn't help the government of Iraq to stabilize these areas [devastated by the war] the gains against Daesh could be at risk", she said, using the Arabic acronym for ISIS. The United States, which led the coalition that provided the Iraqi armed forces with crucial air-support in the fight against IS, does not plan on pledging any money at the Kuwait conference, according to American officials. The years of insurgency, sectarian violence and ethnic tensions that followed his overthrow in 2003 helped fuel the emergence of IS, a little more than a decade later.