U.N. pays Kuwait $1.3 bn in new Iraq war compensation

Payments to meet Kuwait’s claims are funded by a percentage of the proceeds of Iraqi oil sales, currently at five percent. (AFP)

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 organizations 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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Last Update: Sunday, 03 March 2013 KSA 14:45 - GMT 11:45
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