UN pays Kuwait $1.3 bn in new Iraq war compensation
Worldwide, Daily news | ankakh | January 24, 2013 21:32
The United Nations said it paid out about $1.3 billion in compensation to Kuwait on Thursday over Iraq’s invasion of the Gulf emirate in 1990.
The Geneva-based UN Compensation Commission said the payments related to damage to Kuwait’s oil wells, pipelines and equipment during the seven-month occupation by Iraqi forces and subsequent losses to production and sales.
It said it has now paid out a total of $40.1 billion to over 100 governments and international organisations in reparations for the invasion, with about $12.3 billion still to be paid.
Payments to meet Kuwait’s claims are funded by a percentage of the proceeds of Iraqi oil sales, currently at five percent.
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