By John Lee.
The Emir of Kuwait has signed into law the financial settlement reached with Iraq regarding Kuwait Airways.
Iraq’s Ministry of Foreign Affairs says that law firms in Britain have been told to drop all proceedings against Iraqi Airways and Iraqi properties.
Under this settlement, Iraq will pay $500 million as final compensation to Kuwait Airways, to settle a claim by state-owned Kuwait Airways that Iraq owes it $1.2 billion for planes and parts stolen after the Iraqi invasion of Kuwait in 1990.
This settlement would lift all restrictions and complications on rebuilding Iraqi Airways, buying new airplanes, and the establishment of a fleet.
Minister Zebari (pictured) praised the Kuwaiti decision and its importance in strengthening relations between the countries.