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FINANCIAL NEWS
Iraq agrees to repay USD408m debt to Egyptian workers
22 Mar 2012
(MENAFN) Iraq said it will pay USD408 million owed to Egyptian workers employed in the country in 1989 and 1990, Arabian Business reported.
The move comes after it was announced last week Iraq has reached a USD500 million agreement with Kuwait to resolve a standoff over Gulf War-era debts that had prevented Iraqi Airways from flying to destinations in the West.
The Egyptian central bank said Iraq will pay the amount over a two month period starting March 25, with around 637,000 recipients.
The cash will be wired through four different banks to Egyptians who worked in Iraq from May 1989 to June 1990 and who were left unpaid after the outbreak of the first Gulf War in August 1990.
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