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Iraq has approved a 10-year plan to rebuild its war-damaged areas that will be launched in 2018, a news network in the Arab OPEC country said on Sunday.
The plan involves spending large funds despite persistent cash shortages in the war-battered nation due to weak oil prices and high war costs, Rudaw network said, quoting Member of Parliament Harith Al-Harithy, who is also member of Iraq’s Parliamentary Committee of Economy and Investment.
"The government has devised a 10-year plan for reconstruction to be launched in 2018…the plan involves the spending of massive funds and will concentrate on rebuilding the infrastructure and cities liberated from Daesh," he said.
Harithy said only small amounts of money have been made available to the Reconstruction Fund for Areas Affected by Terrorist Operations.
"This fund is suffering from cash shortages whether funds from the government or borrowed from abroad…the war against Daesh has cost Iraq billions of dollars in losses," he said.
Regional and international creditors are due to meet in Kuwait next year to discuss reconstruction in Iraq, which could need nearly $100 billion for such projects, according to officials.
For more data, analytics, tools and news on projects in the Middle East visit the Thomson Reuters Projects portal
© Zawya 2017
The plan involves spending large funds despite persistent cash shortages in the war-battered nation due to weak oil prices and high war costs, Rudaw network said, quoting Member of Parliament Harith Al-Harithy, who is also member of Iraq’s Parliamentary Committee of Economy and Investment.
"The government has devised a 10-year plan for reconstruction to be launched in 2018…the plan involves the spending of massive funds and will concentrate on rebuilding the infrastructure and cities liberated from Daesh," he said.
Harithy said only small amounts of money have been made available to the Reconstruction Fund for Areas Affected by Terrorist Operations.
"This fund is suffering from cash shortages whether funds from the government or borrowed from abroad…the war against Daesh has cost Iraq billions of dollars in losses," he said.
Regional and international creditors are due to meet in Kuwait next year to discuss reconstruction in Iraq, which could need nearly $100 billion for such projects, according to officials.
For more data, analytics, tools and news on projects in the Middle East visit the Thomson Reuters Projects portal
© Zawya 2017
