The International Compact on Iraq (ICI) meeting, to kick off here later Thursday with the participation of 18 member states and organizations, will discuss boosting economy and investment in Iraq.

Kuwait's delegation to the meeting is headed by Deputy Prime Minister and Foreign Minister Sheikh Dr. Mohammad Sabah Al-Salem Al-Sabah.

The ICI is a five-point plan aimed at supporting Iraq's economy and was initiated in June 2006 between Baghdad and the United Nations (UN) with the support of the World Bank.

The compact that will be launched in Sharm El-Sheikh today has rallied unprecedented international support and presents a new partnership with the international community based on Iraq's vision and a commitment on both sides within a dynamic frame of national consensus and international support.

Moreover, the ICI is considered a national compact for the reconstruction of Iraq and paves the way for self-sustainability and prosperity of a society in which democracy prevailed.

Goals of the ICI are to guarantee Iraq's commitment to basic social and economic reforms, improvement in resource management, strengthening state institutions, developing the private sector, restructuring the financial sector, boosting safety and security, and establishing an institutional framework based on the sovereignty of law.

Iraq's commitment to the above would be, in turn, paralleled by initiatives by donor countries.

The ICI also aims to arrive at a national Iraqi vision that achieves the aspirations of the people and roots principles of democracy in a safe and stable country were people enjoyed equal rights and responsibilities.

Furthermore, the meeting will specify the goals that must be accomplished by Iraq within the next five years, and participating countries are expected to make a number of pledges in this regard.

The UN has placed reforms in Iraq's politics, economy, security, counter-corruption, and management as a condition for aiding the country and supplying it with the necessary expertise, as well as reducing its debts.

The ICI, which precedes Friday's extended meeting of Iraq's neighbors, will grant international financial, political, and technical support for Iraq in return for the aforementioned reforms.

The meeting will also specify the type of international aid required by Iraq to help it in its reform efforts.

The 18 ICI members include Iraq, Saudi Arabia, Kuwait, the US, Britain, Spain, Italy, Japan, Canada, South Korea, the Islamic Development Bank (IDB), the World Bank, and the International Monetary Fund.