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Analysts question the government's ability to attract foreign capital because of corruption


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Analysts question the government's ability to attract foreign capital because of corruption

Post by rocky on Tue 13 Feb 2018, 3:50 am

Analysts question the government's ability to attract foreign capital because of corruption
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The Iraqi government announced that more than 70 countries and about 1850 international companies participate in the donors conference for the reconstruction of Iraq, which is hosted by Kuwait for three days, while some Iraqi analysts questioned the ability of the government to attract foreign capital because of corruption, The country.
On February 12, 2018, the Iraq Reconstruction Conference, hosted by the State of Kuwait for three days, was attended by about 70 countries including the United States, Saudi Arabia, Iran, NGOs, international investment companies, the Kuwait Fund for Arab Economic Development and senior UN officials.
The conference focuses on the latest developments in the deteriorating humanitarian situation in Mesopotamia that resulted from the two-year war between 2016 and 2018 against the Da'ash organization, which took control of large parts of the country and devastated many areas.
The Iraqi Minister of Planning Salman Jumaili said at the start of the meeting on Monday that Iraq needs 88 billion dollars to rebuild what was destroyed by armed conflicts, the latest war against Daash, while Qusay Abdul Fattah, a director general of the same ministry that the reconstruction of Iraq requires the collection of 22 billion dollars As well as another $ 66 billion over the medium term.
But Iraq's former ambassador to France Ghazi Mohammed Faisal, currently residing in Jordan, believes that Iraq may need more money than those announced by the Minister of Planning.
Faisal said in a telephone interview with France 24 that "the Iraqi government needs today to an amount may exceed 300 billion dollars, according to World Bank estimates for the reconstruction of the country, in view of the devastation that hit the country after the US intervention in 2003 and the war against terrorism, which led to the destruction of infrastructure fully In many Sunni areas, such as Mosul, Hawija, Baiji area and even Tikrit. "
"How can the Iraqi state persuade international donors and international investment companies to provide them with these astonishing amounts in the absence of confidence and corruption within all their institutions," he said, recalling that similar conferences were held in Paris, Madrid and the United States in the past years but all failed " Because of the lack of seriousness of successive Iraqi governments and the absence of a clear economic and development vision, as well as corruption that overwhelmed all state institutions.
"Rich Western countries are not willing to give free grants to Iraq because they do not know where the money will go and how it will be disbursed, and there are fears that Iran will be the first beneficiary of these subsidies," he said.
Investment projects rather than financial assistance
In the absence of transparency in the conduct of state affairs, Ghazi Mohammed Faisal expects that the assistance received by Iraq will be in the form of investment projects launched by some American, Saudi and Iranian companies and not in the form of financial grants, provided that these companies receive legal and economic facilities and allow them to exploit Iraq's underground resources Guaranteed enormous profits.
Competition in Kuwait between Tehran and Riyadh is expected to intensify as each country wants to win as many projects as possible to strengthen its geostrategic position in Iraq and the region.
A few days ago, Prime Minister Haider al-Abadi announced that the Kuwait conference would be a step in the long road aimed at reconstruction and investment in the country, but called on all Iraqi parties not to wait for a miracle at this conference.
The government's plan for reconstruction of Iraq is based on three main axes: to contribute to the rehabilitation of infrastructure throughout the country, to restore stability to war-affected areas, such as Mosul and neighboring areas, and to develop the services sector.
The government added that it will provide more than 157 investment projects to companies to contract with them for completion. The projects cover all sectors of service, industry, housing sector as well as other projects in the oil and gas sector. Finished

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