* UN: Kuwait receives a $1bn Iraqi reparation payment; $17 billion is due
January 26th, 2012 11:05 am · Posted in NEWS: Dinar Currency & World Currency News
GENEVA, Jan 26, 2012 (AFP) – The United Nations released $1.02 billion (774 million euros) in Iraqi compensation to Kuwait on Thursday in the latest payment of a war reparation scheme that began in 1994.
The payment brings the total compensation paid over Iraq’s invasion and occupation of Kuwait to $35.4 billion. A further $17 billion is due.
The UN Compensation Commission was created in 1991 as a subsidiary organ of the UN Security Council.
Its mandate is to process claims and pay compensation for losses and damage suffered as a result of the invasion of Kuwait that year by Saddam Hussein’s regime.
Iraq is required to put five percent of its oil and gas revenues into the reparations fund.
The * UN: Kuwait receives a $1bn Iraqi reparation payment; $17 billion is due by Dinar Daddy's Tidbits, unless otherwise expressly stated, is licensed under a Creative Commons Attribution-ShareAlike 3.0 Unported License.
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