Reconstruction of Iraq is goal for international community, Mideast - WB official

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Reconstruction of Iraq is goal for international community, Mideast - WB official

  Tue Feb 13, 2018 20:50        Kuwait

Reconstruction of Iraq is the goal for the international community in general and the Middle East in particular, said Vice President of the World Bank for the Middle East and North Africa Hafeth Ghanem on Tuesday.

As a global entity, the Bank is concerned with the reconstruction of Iraq, due to the fact it is a major country, hence its stability and safety would contribute to stability and security of the region, Ghanem told Kuwait New Agency in an interview on the sideline of the (Invest in Iraq) conference, which kicked off earlier and co-organized by the Bank.

The conference is part of the overall Kuwait International Conference for the Reconstruction of Iraq (KICRI) that kicked off February 12 and will conclude tomorrow on Wednesday.

The Bank had been working with the Iraqi government in order to assess needs of the war-torn country and requirements for its reconstruction process, he said. KICRI includes the Bank, in addition to the UN and the European Union as co-organizers, along with Iraq and the host Kuwait.

"Iraq is an investments-attracting country. It owns significant wealth in oil, agriculture and tourism, in addition to the industry. "The investor is looking for guarantees like proper tax policies and easy transfer of capital, as well as security," he pointed out.

Ghanem said the Kuwaiti private sector is interested in entering the Iraqi market, "and we encourage it to do so," as the Bank have had many meetings with representatives of Kuwaiti private firms to discuss the matter.

On the World Bank Group work in Iraq, Ghanem said "it involves financing social projects, rebuilding hospitals and schools in areas recently liberated from IS, as well as financing educational, healthcare and societal programs," among other investment-related issues.

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   Reconstruction of Iraq is goal for international community, Mideast - WB official