Iraq receives 7.9 million USD from UN Compensation Fund
Kuwait city. Photo: AP
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) announced on Monday it received the remaining amount which is 7.94 million USD from the UN Compensation Fund, after paying all compensations to Kuwait, according to the Iraqi News Agency (INA).
The compensation amounts were funded by a percentage of the revenues of Iraqi oil and petroleum products exports.
The amount was returned to Iraq after auditing the accounts according to the UN Security Council Resolution 2621 concerned with ending the compensation file resulting from Iraq’s invasion of Kuwait, the CBI mentioned.
In December 2021, Iraq completed the payments of a compensation allocated to Kuwait for the losses of the 1990 invasion. The payment delivered to Kuwait at that time was 44 million USD.
The last remaining payment of 44 million USD from the compensation to Kuwait has been delivered. and thus, Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Commission, the CBI mentioned in a statement in December 2021.
The Iraqi invasion to occupy Kuwait began by order of former President Saddam Hussein on August 2, 1990, and Iraq actually succeeded in occupying Kuwait, and considered it an Iraqi governorate. But an international coalition led by the United States, in which Arab armies participated, managed to expel the Iraqi army from Kuwait in March 6, 1991.