Baroness Nicholson of Winterbourne the Prime Minister’s Trade Envoy to Iraq, Azerbaijan, Turkmenistan and Kazakhstan and President of IBBC, alongside Rasmi Al-Jabri Deputy Chairman and IBBC Representative in Iraq, attended the Kuwait International Conference for the Reconstruction of Iraq on 13 February.

IBBC invited all its members to attend and were delighted to see representatives from Ernst & Young, ExxonMobil, GardaWorld, Siemens, Shell, SKA International Group, Standard Chartered Bank, Wood Plc, Eversheds Sutherland, Dar Al-Handasah and ARCHS present.

In total, delegates from over 70 countries were present with representatives from 700 companies.

What was discussed

Cost estimated $100bn for physical reconstruction of Iraq. However, the estimated damage to the overall Iraqi Economy could be as much as three times that figure, according to estimates by Iraqi Government officials.

Up to $30Bn was pledged at the Conference from international donors, however it should be stressed that conditions have to be met before these funds can materialise.

Detailed Investment opportunities have been listed in an Iraq Reconstruction & Investment Report compiled by the National Investment Commission:

Dr. Sami Alaraji, Chairman of Iraq National Investment Commission states in his preface: 

“Iraq has suffered from decades of conflict and economic volatility. More recently, the ISIS war and the protracted reduction in oil prices since mid-2014 have represented twin shocks that have severely impacted Iraq’s heavily oil-dependent and non-diversified economy. The Government of Iraq is taking steps to control expenditures and lay the ground for structural reforms. Given the current economic and financial situation, the public investment budget is insufficient to meet the vast recovery needs. Meanwhile, external financing for development and humanitarian aid can only partially finance the recovery and reconstruction costs. Large scale investments in the form of private sector led projects can play an important role in financing the reconstruction efforts. Such investments are unlikely to materialize at the needed scale unless the overall framework and investment climate undergoes significant improvements.

The Government of Iraq is committed to create the enabling environment to attract private investments to meet its national development goals, and foster economic growth. In this regard, the Government of Iraq is striving to design and implement a reform agenda to promote domestic and foreign investments and optimize their benefits.

In pursuit of a better investment climate, the Government of Iraq will promote the adoption of key international principles in investment policy. As such, every effort will be made to pursue good regulatory practices for domestic and foreign investors, as well as among foreign investments coming from different countries. The Government will also ensure effective property protection and promote effective investment retention. Pursuing the highest governance standards and maintaining environmental and social standards will also be detrimental to nurturing a favorable investment climate for attracting increased private financing in the future as well as ensuring a more efficient use of public resources.

The Government of Iraq recognizes that private sector led investments will depend on its ability to demonstrate credible progress on much-needed reforms as well as strong commitment to accountability and transparency. This report outlines the first wave of reforms to be implemented by the government, with subsequent phases to be developed and executed during the reconstruction phase. It also presents an important element to realize the government’s financing strategy. Finally, the document presents a high-level overview of the Investment Opportunities available in Iraq at the national and subnational levels across 12 sectors.

A vibrant and prosperous investment climate that generates jobs to Iraq’s rapidly growing population is a necessary condition for sustainable progress toward reducing poverty and bringing inclusive economic growth.”

The full report can be accessed below:

The Republic of Iraq, Presidency of Council of Ministers, National Investment Commission has released Major Strategic (Large) and (Medium-Size) Projects available for Investment According to Sectors: