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

The war against ISIS devastated several regions in Iraq.

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.

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.

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."

ABC News' Conor Finnegan contributed to this report.