Iraqi Planning Minister Salman Al-Jumaili has announced that Iraq has set up an integrated plan for the reconstruction of the country to be presented to the Kuwait International Conference for Rebuilding Iraq slated in Kuwait next mid February.

Al-Jumaili said during his meeting Sunday night with a Kuwaiti media delegation that is visiting Baghdad that the plan is based on extensive studies on the scale of damage done to infrastructure, estimated at USD 100 billion, including about USD 47 billion in infrastructure and government facilities.

He explained that the reconstruction plan will extend over a period of 10 years to be funded from multiple outlets, the most important of which is by the Federal Government of Iraq within the investment budgets in the country, besides grants and financial investments from the Kuwait International Conference on rebuilding Iraq.

“We rely heavily on international support at the Kuwait conference, whether from international organizations or direct support from countries, in addition to loans or grants or through the entry of foreign, Arab and Gulf investments”, he added.

He pointed out that the Iraqi government will present within this plan 130 projects to investors in Kuwait, including 10 projects that are very important for the Iraqi economy, including Baiji oil refinery in Salahuddin province, in addition to phosphate and sulfur factories in the west of the country.

He stressed that the plan will not only involve the reconstruction of infrastructure but will include programs for economic and human development, community reconciliation, spreading moderation and rejecting extremism.

He pointed out that the reconstruction will target the areas and provinces of Iraq that have been directly and indirectly affected by terrorist operations.

He urged investors not to hesitate to enter the Iraqi market at the present time because the opportunity will not always be available, in his opinion, citing Turkey, which highly contributed with many of its companies in the Iraqi investments in most provinces without intermediaries.

He explained that the Iraqi government facilitated many of its procedures to grant investment licenses, especially to large Arab companies, stressing that the Higher Committee for Investment in Iraq, headed by Iraqi Prime Minister Haider Abadi, granted in its first meeting about three months ago investment opportunities for well-known UAE companies without entering the competition in its desire to attract well-known companies to work in Iraq.

The Kuwaiti delegation includes Deputy Director General For Editorial Affairs and Editor-in-Chief of Kuwait News Agency (KUNA) Saad Al-Ali, Secretary of Kuwait Journalists Association Adnan Al-Rashed and senior officials in the Ministry of Information and Kuwaiti newspapers.

The international donor conference to rebuild Iraq will be held from 12 to 14 February, chaired by the European Union (EU), Iraq, Kuwait, the UN and the World Bank.

Source: NAM News Network