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.
About $22 billion will be required in the short term and $65 billion in the medium term, Reuters reported Adulfattah saying at the conference, which was arranged to discuss Iraq's reconstruction.
Rebuilding Iraq after three-years of war with the so-called Islamic State (IS) will cost $88.2 billion, just under half of the country's 2016 GDP (World Bank), according to Iraqi officials at an global conference in Kuwait.
APEX, N.C., February 8, 2018 /PRNewswire/ TigerSwan, a Service-Disabled, Veteran-Owned Small Business headquartered in Apex, North Carolina, is sending representatives to Kuwait next week to participate in the Kuwait International Conference for Reconstruction of Iraq.
Fleeing Iraqi civilians walk past the heavily damaged al-Nuri mosque as Iraqi forces continue their advance against ISIS in the Old City of Mosul on July 4.
During its participation, the Foundation will highlight its activities and aid efforts; the ones shared with and offered by Kuwait, for displaced Iraqis as well as Syrian refugees, Mustafa pointed out. He said there were preliminary indications that some states would do so.
Since the US-led "War on Terror" and the subsequent invasion of Iraq in 2003, the country has suffered constant unrest and division, most recently as a result of fighting to recapture land held by Daesh.
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Baghdad is determined to clamp down on "bureaucratic routine and corruption that in some cases are delaying investments", he said, responding to complaints by Kuwait companies about the difficulties of doing business in Iraq.
Railways, airports, and ports construction, reconstruction, and rehabilitation are also high on Iraq's investment opportunities list, including berths for oil products exports and imports at the $6-billion project for the Grand Port of Al Faw at Basra, it added.
Iraq has been dogged for decades by violence and instability.
Since the 1980s, resource-rich Iraq has been battered by war and global economic sanctions.
A US -led invasion toppled Saddam Hussein in 2003 and was followed by years of insurgency, sectarian bloodletting between Sunnis and Shias, as well as ethnic tensions between the Arabs and Kurds, all before ISIS emerged in 2014.