[Oan- follow – up] urged the International Finance Corporation, the World Bank ‘s support arm of the private sector, international companies on Sunday to overcome concerns about the financing of reconstruction in Iraq and to take advantage of investment opportunities that generate high returns there are projects.
“I do not think that anywhere in the world there is such a thing,”said Ziad Badr, head of the International Finance Corporation’s mission in Iraq, in a speech at the Kuwait Chamber of Commerce and Industry ahead of the Iraq reconstruction conference on Monday as the country emerged from a devastating three-year war. Opportunities of investment, “and hit the example of a Lebanese company to achieve a return of 24 percent of its share in a luxury hotel in Erbil, Kurdistan region.
He added that IFC had investments of about $ 1.2 billion in various projects in Iraq, including banks, cement factories and telecommunications companies, and was preparing to announce an investment of $ 250 million in a telecommunications project.
Last week, the Iraqi National Investment Commission published a list of 157 projects that will seek to attract investment to the International Conference on Iraq Reconstruction from February 12-14, and the total cost of these projects is estimated at $ 100 billion.
The projects include reconstruction of destroyed facilities such as Mosul airport and new investments to boost and diversify the economy away from dependence on oil sales, through the development of transport, agriculture and industries based on the country’s energy wealth, including petrochemicals and oil refineries.
The rebuilding of homes, hospitals, schools, roads, work and communications is an important process for providing employment for young people, ending the displacement of hundreds of thousands of citizensand closing the curtain on several decades of political and sectarian violence.
Sami al-Araji, chairman of the National Investment Authority, told a gathering at the Kuwait Chamber of Commerce that about 1900 people were registered to attend the conference, representing foreign governments, private companies and international organizations.
“We are at a crossroads, the world is sympathetic with us, we have to take advantage of this opportunity, this opportunity is irreplaceable.”
He added that Baghdad is determined to eliminate “routine and corruption and other investment in some cases,” in response to complaints from Kuwaiti companies on the difficulties hindering the practice of business in Iraq.
A communications equipment supplier told the conference that he had waited six months for $ 5 million for work that had been completed for the Iraqi government.
Iraq ranks 10th among the most corrupt countries in the world, according to Transparency International.
Iraq declared its victory over a supporter in December, after reclaiming all territory captured by terrorists in 2014 and 2015.
A US-led coalition supported Iraqi forces, especially in the battle to expel them from Mosul in July.
Iraq re-opened its doors to foreign investment in 2003, but the vast majority of the billions of dollars invested were directed to increase the country’s oil and natural gas production.
Iraq, the second largest oil exporter in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, has a daily production of 4.4 million barrels.