UN pays Kuwait $1.3 b in Iraq war compensation

UN pays Kuwait $1.3 b in Iraq war compensation
Thu Jan 24, 2013 22:12:04

The United Nations said it paid out about $1.3 billion in compensation to Kuwait on Thursday over Iraq's invasion of the Persian 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.