With the Iraqi Prime Minister, Haider Al Abadi, and Rex Tillerson, US Secretary of State, both in attendance, the Kuwait Conference for Iraq Reconstruction was seen as a platform of Iraq’s reignited push for reconstruction investment.
Many projects have been spoken about previously, with 157 key projects highlighted by the NIC just last week that are already underway. However, in a surprise announcement, the US pledged US$3bn of credit line support in an MOU with the Iraq Finance Ministry for projects including infrastructure and transport, airlines, power stations and agriculture. Pledges for Iraq so far from the conference:
The IFC (International Finance Corporation) is working with the Iraqi government and has spoken of its finance assistance for investors in Iraq.
1900 senior delegates from government agencies, embassies, Iraqi and international private companies and finance institutions participated in the event this week in Kuwait, putting the spotlight on the elevated importance of the push for reconstruction.
There was a gulf of expectation around the conference and although there was much to discuss on the individual projects, these discussions were not forthcoming. The key priority at the top of the agenda right now is for the airports and transport infrastructure to be up and running, followed by humanitarian projects (housing, health and education).
For us, as supporters of investors in Iraq, the country is now ready and open for business. We are ideally placed to enable business to get started with the project definition and initial design work, that can then lead on to achieving the goals that were clearly stated at the conference. The critical elements are local knowledge, ground truth and understanding the EPC requirements. We can do all this and more and help you to make Iraq a country that fulfils its potential.
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