Cairo (Iraqinews.com) – A group of Egyptian and Saudi investors are gearing up to play a more active role in reconstructing Iraq, Libya, and Syria in the coming period by pumping huge investments into the two countries, according to Russia Today TV channel on Sunday.

The initiative came in cooperation between the Federation of Egyptian Chambers of Commerce (FEDCOC), the Council of Saudi Chambers and the Egyptian-Saudi Business Council.

FEDCOC Chairman Ahmed el Wakil said Cairo and Riyadh have reached a deal to keep on promoting economic cooperation between the two countries and making use of their economic potentials to reconstruct Iraq, Libya and Syria.

“Later this year, two expanded meetings will be held in Libya and Syria to discuss means of supporting their economies,” Wakil said, adding that the gatherings will be attended by businessmen from several Arab countries.

Earlier in January, Iraqi Minister of Planning Salman al-Jumaili, in an interview with Al-Monitor from his office in Baghdad, said that his country will require a massive amount of funds to rebuild the areas liberated from Islamic State (IS) control.

While he noted that it was too early to reach a precise estimate, he estimated the amount would be around $100 billion, adding that this figure “includes all the areas that were damaged during the presence of IS, either by direct occupation or due to terrorist acts.”

Also, Kuwait is scheduled to host an international conference later this month for the reconstruction of Iraq.