Feb 14, 2018, 2:20 PM ET

Iraq needs $88.2 billion to rebuild in wake of war against ISIS, minister says

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It will take a staggering $88.2 billion to rebuild parts of Iraq devastated by the war against ISIS, according to the country's minister of planning.

During an international donors conference in Kuwait regarding Iraq reconstruction, Salman Al-Jameeli said in a statement Tuesday that "$22.9 billion [is] needed for Iraq in the short term, [and] $65.4 billion over the medium term."

The funds would go to the vast swaths of Iraqi territories seized by ISIS during the jihadist group's brutal conquest that started in June 2014, the minister said.

PHOTO: Homeless Iraqi people push their belongings through the rubble of al-Rashid military base belonging to the former Iraqi army in Baghdad, Iraq, Feb. 12, 2018. Hadi Mizban/AP
Homeless Iraqi people push their belongings through the rubble of al-Rashid military base belonging to the former Iraqi army in Baghdad, Iraq, Feb. 12, 2018.

PHOTO: Umm Hassan holds her son as she works in her open air kitchen outside her hut in an encampment for the displaced, outside Baghdad, Iraq, Feb. 12, 2018. Hadi Mizban/AP
Umm Hassan holds her son as she works in her open air kitchen outside her hut in an encampment for the displaced, outside Baghdad, Iraq, Feb. 12, 2018.

Seven governorates across Iraq -- including Ninawa, which encompasses the county's second-largest city of Mosul -- suffered about $46 billion in total damages. In addition, Iraq's security sector sustained $14 billion in total damages, while Iraqi banks lost $10 billion in cash assets, according to the minister.

U.S. Secretary of State Rex Tillerson, who attended the donors conference, did not offer any new direct aid pledges to Iraq. But, he announced a $3 billion financial package from the Export–Import Bank of the United States, which includes loan guarantees and insurance to spur American investment in Iraq.

PHOTO: Iraq special forces conduct an operation targeting possible remaining Islamic State (IS) group jihadists in the Wadi Shabjah area, south of holy Shiite city of Najaf , on the border with Saudi Arabia, Feb. 12, 2018. Haider Hamdanihaidar/AFP/Getty Images
Iraq special forces conduct an operation targeting possible remaining Islamic State (IS) group jihadists in the Wadi Shabjah area, south of holy Shiite city of Najaf , on the border with Saudi Arabia, Feb. 12, 2018.

PHOTO: An Iraqi woman inspects the destruction in the old city district in the western part of Mosul city, Iraq, Feb. 3, 2018.Murtaja Lateef/EPA/Rex/Shutterstock
An Iraqi woman inspects the destruction in the old city district in the western part of Mosul city, Iraq, Feb. 3, 2018.

PHOTO: An Iraqi man inspects the destruction at the old city area, in the west side of Mosul city, Iraq, Feb. 2, 2018.Murtaja Lateef/EPA/REX/Shutterstock
An Iraqi man inspects the destruction at the old city area, in the west side of Mosul city, Iraq, Feb. 2, 2018.

Pictures from ISIS last stand in Mosul
SLIDESHOW: Pictures from ISIS' last stand in Mosul

Tillerson also urged members of the international coalition battling ISIS to help rebuild Iraq.

"As we celebrate these victories over extremism and hatred, we know they were hard-won, and they came at a very high price. Much work remains to rebuild Iraq and modernize its economy," Tillerson said in remarks made at the conference Tuesday. "Everyone in this room has an opportunity to help set Iraq on a new course and contribute to its long-term development success."

An official with the U.S. Department of State told ABC News the conference was "never intended to be a pledging conference, but rather the initial roll-out on behalf of the Iraqi government."

PHOTO: Civilians who had remained in west Mosul during the battle to retake the city, lined up for an aid distribution in the Mamun neighborhood in Iraq July 2017. Ivor Prickett/Reuters
Civilians who had remained in west Mosul during the battle to retake the city, lined up for an aid distribution in the Mamun neighborhood in Iraq July 2017.

PHOTO: An unidentified young boy, who was carried out of the last ISIS controlled area in the Old City by a man suspected of being a militant, that is cared for by Iraqi Special Forces soldiers in Mosul, Iraq, July 12, 2017.Ivor Prickett/NY Times/EPA/Rex/Shutterstock
An unidentified young boy, who was carried out of the last ISIS controlled area in the Old City by a man suspected of being a militant, that is cared for by Iraqi Special Forces soldiers in Mosul, Iraq, July 12, 2017.

PHOTO:
SLIDESHOW: Volunteers brave ISIS battle in Mosul to save injured civilians

In October 2016, Iraqi forces as well as Kurdish forces, known as peshmerga, launched a massive operation to liberate Mosul from ISIS control. The fight affected densely populated neighborhoods within the war-torn city and had displaced nearly 192,000 people by March 2017, according to the Geneva-based Internal Displacement Monitoring Center.

Iraqi Prime Minister Haider al-Abadi declared victory over ISIS in December 2017. By the end of the year, while 3.2 million people had returned to their homes, another 2.6 million remained displaced in Iraq, according to the United Nations migration agency.

ABC News' Conor Finnegan contributed to this report.

News - Iraq needs $88.2 billion to rebuild in wake of war against ISIS, minister says

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CComments

  • Nick

    Oil revenue was what they should use, but most of that money is lost to corrupt officials. Best o device the country into Kurdish north, Suni and the other group.

  • TexasVulcan

    Sell some oil.

  • CaptnBlynd

    Sorry, I'd finish the job while they are weak. I was raised on military strategy and do not consider this nation our friend. I believe the only road to world peace will be built from the bones of the dead. I do not have to like it to believe it.
    We can dream of Utopia but we do not live there.

  • Thao D

    Iran will send money for Irag.Irag has a lot of pro-Iranian

  • oldschool

    Better flood the oil market.

  • Mr. Logical

    What a ridiculous mess the whole Middle East has been.

    A completely wasted century with little progress to show for it.

  • snake

    Tillerson pledged $3 billion in loans from the US import/export bak that will never be repaid and the US will wind up paying billions more soon. We can just add it to our deficit and make granny pay more for her wheelchair and arthritis medicine by raising Medicare premiums and co pays.

  • Emma Lou #2

    make them a deal that if everybody in puerto rico learns english we will hurry the repairs.

  • Suspect Everything

    Float an international bond and let their oil pay for it. If some regional country(s) want to chip in great but kindly don't look this way. They wouldn't change the Status of Forces Agreement in 2010 and kicked us out. That opened the door for ISIS. They made their bed.

  • AG99

    They still have a lot of oil, right? That should provide the govt with some funds.

  • ShawnLetwin

    Fire sale on oil, cheap, real cheap.

    Oh, by the way. Does that include the bill from the US for our costs? Didn't think so.

    But then again, Bush started it in his hunt for WMD...so maybe we are even. On second thought, no we are not even. Bush and company should be sued in the World court and held personally financially liable considering the hell hole we caused,

  • dan

    Sue ISIS for it.

  • Denny259

    I wonder how much did it cost to destroy Iraq?

  • PER

    Maybe Iraq shouldn't have let these terrorists establish a foothold in the country to begin with.

  • George Columbo

    Tough !!

  • Denny259

    ISIS is a cover up for all destruction of ME. They have been created and are supported by those who want to control oil resources.

  • Kevin from Wa.

    NO WAY.....not my taxes....

  • Foxrocks2.1

    Sounds like Iraq is going to have to have one hell of a bake sale.

  • Ronald Bandor

    I'd help them out, but I don't have $88.2B. I only have about $88.1B.

  • Ron Argus

    I thought dick cheney said oil revenues would take care of our bills and rebuild their country?

  • ranknfile

    I'm sure the American tax payer will cover this and dayquil's stupid wall..!

  • rontron

    If Saddam had not been eliminated probably none of this would have happened.

  • mountainlady

    None of this will come from Trump. The Iraqi people are not rich and they're not white and that's all he cares about. He left Puerto Rico hanging out to dry for the same reasons and they are a US Territory.