Iraq News

Iraq seeks to attract investors to rebuild war-battered country

Iraq sought Tuesday (February 13th) to attract international investors to rebuild the country after defeating the "Islamic State of Iraq and Syria" (ISIS), offering hundreds of projects and touting extensive legal guarantees, AFP reported.

"Iraq is open for investors," declared Sami al-Araji, chairman of Iraq's National Investment Commission, on the second day of a major reconstruction conference in Kuwait.

The government in Baghdad says it needs nearly $90 billion to rebuild devastated homes, schools, hospitals and economic infrastructure after three years of war against ISIS.

Araji said that Iraq, which has been either at war or under international sanctions since 1980, is offering projects in almost every field of the economy -- from oil to agriculture.

He gave a brief introduction on 212 projects of various sizes available for local and international investors, whom he promised will enjoy a high degree of legal protection.

The plan spans the next 10 years and Iraq announced on the opening day of the conference that the country needs investments worth $88.2 billion, of which $22 billion were required immediately.

Non-governmental organisations on Monday pledged $330 million but the main commitments are expected to be made by about 70 countries on the final day of the conference on Wednesday.

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