Alaarahi: Iraq needs a thousand billion dollars for reconstruction

BAGHDAD (Iba) … head of the National Investment Commission in Iraq, Sami al-Araji, that Iraq needs a thousand billion dollars in the next ten years to finance the reconstruction of infrastructure and move the economy.

Araji said in an interview with Agence France-Presse that funding for the reconstruction of Iraq needs to between 600 billion to $ 700 billion, at least, but this amount could rise to within a thousand billion dollars until 2022.

Araji’s remarks came in a time when the Baghdad International Fair, the height of its activity, and most importantly in the last twenty years, which aims to encourage investment in Iraq.

The Iraqi official saw that a large portion of this amount will come from oil Adidat and also of Iraqi and foreign investment.

And confirmed that we expect to increase sales of oil and strong improvement in the climate of (business) appropriate to attract investment.

He stressed that in the end, will be foreign investment much higher, either in size or in percentage.

Iraq relies heavily on oil exports to finance its budget, where the energy sector represents two-thirds of the gross domestic product (GDP) of the country.