Iraq needs around $22bn in the short term and another $66bn in the medium term, said the director-general of the country's planning ministry Qusay Adulfattah.
Baghdad says it needs almost $90 billion to rebuild after a grisly war with Daesh terrorists which devastated homes, schools, hospitals and economic infrastructure, displacing millions of people.
The U.S. and the United Kingdom - countries leading the 2003 invasion of Iraq - also said they would allocate funds for the reconstruction of Iraq.
Contributions came in two forms, loans, where countries are giving to Iraq reconstruction projects, and investments from both the private and government sector.
Iraq received billions of dollars in credit lines, loans, and investment from Turkey, Gulf Arab allies, Europe, and other countries, their representatives announced at an worldwide conference in Kuwait on Wednesday.
Foreign Minister Mevlüt Çavuşoğlu said Turkey pledged $5 billion in loans and investment, making the country one of the top contributors.
"Iraq is required today to start a comprehensive reconstruction of the infrastructure and facilities that were destroyed".
"If communities in Iraq and Syria can not return to normal life, we risk the return of conditions that allowed ISIS to take and control vast territory", he said, using an acronym to refer to the group.
Riyadh pledged on Wednesday $1.5 billion to help rebuild Iraq after the war against ISIS terrorist group.
About 2.5 million Iraqis remain displaced by the unrelenting conflict, which saw Islamic militants accused of beheadings, crucifixions, slavery and rape.
Other global players participating in the conference have also pledged their support, with the European Union promising €400 million ($494 million) in investment and the USA extending its $3 billion credit line, but not promising any direct government aid.
Foreign Affairs Minister Chrystia Freeland says Canada is contributing another $12 million for reconstruction efforts in Iraq.
Iraqi Prime Minister Haider al-Abadi had previously vowed that his government would work towards combatting corruption and bureaucracy in the country.
At the same time, Nato Secretary-General Jens Stoltenberg said the alliance was ready to answer a U.S. call for it to expand its small training mission in Iraq to support reconstruction.