Iran vows to contribute to Iraq's reconstruction

US not planning to contribute money at Iraq reconstruction conference officials

Iraqi officials said at the conference on Monday that it will cost more than $88 billion to rebuild Iraq, with housing a particularly urgent priority.

Donors and financiers gathered at the conference for the week will try to work out a plan to rebuild Iraq's crumbling infrastructure and cratering economy.

Although US Secretary of State Rex Tillerson will attend the donor conference on Tuesday, he will instead call for multinational companies and banks to boost their activities in the war-torn country.

According to Arab News, Iraq needs $22.9bn in the short term and $65.4bn in the medium term for reconstruction and recovery, quoting the Iraqi minister of planning Salman Al-Jumaili on Monday.

"We have more than 138,000 houses damaged, more than half this number completely destroyed", Hiti said, adding that more than 2.5 million Iraqis are still displaced.

The US spent $60 billion on projects aimed at reconstructing Iraq after the ouster of President Saddam Hussein in 2003.

Rebuilding homes, hospitals, schools, roads, businesses and telecommunications will be key to providing jobs for the young, ending the displacement of hundreds of thousands of people and putting an end to decades of political and sectarian violence.

"The destruction is widespread, despite the resources Iraq has, we need the worldwide community to help us rebuild and to reinvest", said Mr Mehdi Al Alaq, the Secretary General of Iraq's Council of Ministers.

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Lise Grande, UN humanitarian co-ordinator 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.

Since the 1980s, resource-rich Iraq has been battered by war and global economic sanctions.

Baghdad has said it is determined to tackle the red tape and corruption that hamper investment.

The three-day meeting brings together several economic powers as well as regional and global organizations to discuss the needed contributions to rebuilding Iraq in the post war era.

Iraqi forces are backed by an global coalition led by the U.S., which pounds militant strongholds from the air.

Billions of dollars poured into Iraq after the 2003 USA -led invasion that toppled dictator Saddam Hussein, with what feels now like little visible effect.

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