The UN has approved the release of another US$1bn from the reparations fund that compensates Kuwaiti businesses, government bodies and international organisations for losses due to Iraq’s invasion of Kuwait in 1990.
Iraq has now repaid more than $33bn of its $52bn due in damages claims. The $1bn comes from a 5% cut of Iraqi oil sale revenue that goes to a UN-controlled fund. From 1994 to 2003, the amount taken was 25%.
Five companies and four other bodies will receive the compensation. As usual, the UN has not named the claimants receiving compensation.
(Sources: UN; Iraq Directory; Voice of America)