Iraq's reconstruction will cost $88.2 billion, planning ministry says

Tillerson to address Iraq Reconstruction Conference but promise no US money

In accordance with this, Foreign Minister Mevlüt Çavuşoğlu, who is scheduled to attend the Kuwait International Conference for the Reconstruction of Iraq, will announce Turkey's major projects for Iraq today.

The conference brings together hundreds of representatives of countries, aid groups, United Nations agencies and corporations.

The $88.2 billion estimate was based on an assessment study by Iraqi and worldwide experts, the planning minister said.

"But what we have accomplished is less than one percent of what Iraq needs", Hiti said.

The United States on Tuesday urged members of the coalition fighting Islamic State to help rebuild Iraq or risk a reversal of the gains made against the group, and said it would extend to Baghdad a $3 billion credit line.

The $330 million pledged by non-governmental organisations on Monday included $130 million from the International Committee of the Red Cross.

Kuwait, hosting the conferences this week, has a deep interest in seeing a stable Iraq, especially after Baghdad's 1990 invasion of their small, oil-rich emirate. Meanwhile the World Bank pledged $400 million.

The US State Department has said that rather than "direct contributions", Washington has "focused on the private sector". Government auditors in 2013 found that at least 10 per cent of the money could not be accounted for, with billions of dollars wasted on dubious contracts. Iraq has suffered from decades of war.

The funding will go toward rebuilding roads, hospitals and government buildings in Iraq, according to a release from Global Affairs. It has struggled to pay worldwide firms running them. But Ali said companies and businessmen will have access to a "reconstruction data platform to ensure accountability and transparency".

"We have to talk about what the investor's guarantees are".

As displaced families return, many find that their homes require major repairs, exacerbating pre-conflict housing shortages in the country.

The country is still reeling from the rise of Islamic State and the punishing fightback it took to crush the jihadists, with swathes of its territory in ruins and millions of people displaced.

Hiti said that the Iraqi government would unveil more than 150 investment projects in different fields, in addition to offering a number of investment projects by the private sector.

Meanwhile France's Foreign Minister Jean-Yves Le Drian visited Iraq on Monday to discuss the war-torn country's reconstruction. "As they were victorious against Daesh they will be, with your support, victorious in the battle of reconstruction", he told the conference. We will always be there. We maintain that participation of the worldwide community in the reconstruction of Iraq is a necessary move in the right direction. "We will also be there in the reconstruction phase", Le Drian said.

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