Iraq needs US$88.2 billion to rebuild after years of war against the Islamic State group, Planning Minister Salman al-Jumaili said Monday, as an worldwide conference on the country's reconstruction opened in Kuwait.
The plan spans the next 10 years and Iraq announced on the opening day of the conference that the country needs investments worth US$88.2 billion, of which US$22 billion were required immediately.
About $22 billion USA will be required in the short term and another $66 billion United States in the medium term, the director general of the country's planning ministry, Qusay Adulfattah, told the conference, without indicating any time frame.
"If communities in Iraq and Syria can not return to normal life, we risk the return of conditions that allowed ISIS to take and control vast territory", US Secretary of State Rex Tillerson told a donors' conference for Iraq hosted by Kuwait.
The United States leads the coalition and hopes that after a three-year fight to defeat the militants it can count in large part on Gulf allies to shoulder the burden of rebuilding Iraq.
Rebuilding Iraq will cost more than $88bn and housing is a particularly urgent priority, Iraqi officials told the conference on Monday.
The Middle Eastern nation declared victory over Islamic State in December, having taken back all virtually all the territory captured by the Islamic terror group in 2014 and 2015.
"What we have accomplished is less than one percent of what Iraq needs", Hiti said.
"Rebuilding Iraq is restoring hope to Iraq, and restoring the stability of Iraq is stabilizing the states of the region and the world", al-Jumaili told delegates, adding that the reconstruction was therefore partly the worldwide community's responsibility.
He said funds are urgently needed to "restore basic and infrastructure services" in many provinces.
Around 138,000 houses and flats have been damaged, with half of them completely destroyed.
The officials made their declaration at an worldwide donors' conference hosted by Kuwait.
The US, which has been leading a military coalition purportedly fighting Daesh, claims it has played a major role in Iraq's war against terrorists. "We will also be there in the reconstruction phase", he said.
Iranian Foreign Minister Spokesperson Bahram Qasemi has said that Iran will participate in the reconstruction of Iraq. It fought Iran for most of the 1980s and invaded Kuwait in 1990, leading to defeat by a USA -led coalition and more than a decade of sanctions. The years of insurgency, sectarian violence and ethnic tensions that followed his overthrow in 2003 helped fuel the emergence of IS, a little more than a decade later.
"If the global community doesn't help the government of Iraq to stabilize these areas (devastated by the war) the gains against ISIS could be at risk", she said.