Iraq is looking to attract US$100 billion worth of foreign investment that would help it rebuild its oil refining and petrochemicals sectors and reconstruct crucial infrastructure after it repelled Islamic State out of its territory following a three-year war against the militants.
The participants of Kuwait International Conference for the Reconstruction of Iraq (KICRI) stressed the importance of the human dimension in supporting the reconstruction of Iraq. Iraq is the 10th most corrupt country in the world, according to Transparency International.
About $23 billion will be needed in the short term and more than $65 billion in the medium term, the director general of Iraq's Planning Ministry, Qusay Adulfattah.
"Rebuilding Iraq is restoring hope to Iraq, and restoring the stability of Iraq is stabilizing the states of the region and the world", said Planning Minister Salman al-Jumaili, adding that it also fell on the worldwide community to aid reconstruction.
In December a year ago, Iraq declared the war with ISIS over and is now seeking foreign investments in major projects that would help it to revive its economy, which has also been hurt by low oil prices.
"Rebuilding Iraq is restoring hope to Iraq, and restoring the stability of Iraq is stabilising the states of the region and the world", said Planning Minister Salman al-Jumaili, adding that the reconstruction was therefore also the responsibility of the global community.
Iraq needs some $20 billion now to begin its reconstruction, al-Hiti said.
Other Iraqi authorities said that a bulk of the funds was urgently needed for rebuilding the houses destroyed during the Daesh militancy, which are estimated at around 147,000 units.
It announced $330 million alone had been pledged Monday for Iraq at a humanitarian conference in Kuwait City.
About 2.5 million Iraqis remain displaced by the unrelenting conflict, which saw Islamic militants accused of beheadings, crucifixions, slavery and rape.
"Add to that the total damages in the security sector, which amounted to $14bn and the value of losses on bank assets, about $10bn", he said.
He said that broad participation in these events gives it a great importance and is a message from the worldwide community regarding its commitment to the security and stability of Iraq and its commitment to the reconstruction of its liberated areas. It was at war with Iran for most of the 1980s, and its invasion of Kuwait in 1990 led to war with a USA -led coalition and more than a decade of global sanctions.
It will cost nearly $90bn (£65.1bn) to rebuild war-torn Iraq after three years of bitter fighting with Islamic State (Isis). 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.