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FINANCIAL NEWS
Iraq, Egypt to reach USD1b worker’s compensation deal
19 May 2011
(MENAFN) Iraqi Labor Minister, Nassar Rubaie, said that Iraq and Egypt would reach a USD1 billion agreement related to compensation for Egyptian workers who didn’t take their remittances during Iraq’s invasion of Kuwait between 1990 and 1991 due to the couontry’s financial crisis then, reported Arab News.
Rubaie added that since President Saddam Hussein was toppled in 2003, the two countries were trying to find a solution for the 900,000 Egyptian workers involved in the issue, adding that the main point discussed in the agreement was about USD544 million in interest on an original USD408 million owed to those workers.
He also said that Iraq wanted to hurry up with the payments issue and to compensate the Egyptian workers as soon as possible, at the same time; Iraq’s Prime Minister Nuri Al-Maliki invited his Egyptian counterpart, Essam Sharaf, to visit Iraq to talk about the matter, since it would need dialogue and talks on the technical issues between Iraq and Egypt.
It is worth noting that Egypt says Iraqi banks kept hundreds of millions of dollars in remittances earned before and just after Baghdad’s invasion. It says banks stopped transferring the salaries August 1990, the day of the invasion
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05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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