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FINANCIAL NEWS
Kuwait receives USD990m in compensation for Iraqi invasion
27 Apr 2014
(MENAFN) The Kuwaiti government received USD990 million from the United Nations Compensation Commission for the 1990 Iraqi invasion, Arabian Business reported.
The payment made is part of a settlement for a claim by the Kuwait Petroleum Corporation for losses incurred due to damages to the country’s oil fields.
The commission said that USD6.9 billion remain from the total of USD14.7 billion to be paid to in compensation the Gulf state.
The commission was established by the UN Security Council in 1991 and is funded by a 5 percent on Iraqi oil exports.
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