Iraq's plans to rebuild war-devastated areas are obstructed by slow flow of funds pledged by international donors at an aid conference held in Kuwait in early 2018, a local official was quoted on Sunday as saying.

The Reconstruction Fund for Areas Affected by Terrorist Operations, which was founded to oversee massive reconstruction projects, is in contact with donors to secure more funds along with allocations from the state budget, the Fund's Chairman Mohammed Al-Ani said, quoted by Aliqtisad News and other Iraqi publications.

"Projects to rebuild areas affected by the terror operations are progressing very slowly because of the slow flow of financial aid and donations....we are working to secure more funds that were promised at the Kuwait conference," Ani said.

He said costs of rebuilding projects in the worst-hit areas are very high and require massive funds, adding that "aid received so far is still far below actual needs."

The Fund is working on two fronts including "seeking more allocations from the state budget and hastening the flow of financial aid from international donors," he added.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020