February 9, 20225:46 PM UTC Last Updated ago
Iraq pays last chunk of $52.4 billion Gulf War reparations - UN
By Stephanie Nebehay
A young girl in Kuwaiti national dress looks up at pictures of hundreds of people missing since the 1990-1991 Gulf Crisis, on display at a major celebration marking the end of Iraq's occupation of Kuwait 10 years ago, in Kuwait City, February 25, 2001. REUTERS/Stephanie McGehee/File Photo
GENEVA, Feb 9 (Reuters) - Iraq has completed payment of $52.4 billion to compensate individuals, companies and governments who proved damages due to its 1990 invasion and occupation of Kuwait, the United Nations reparations body said on Wednesday.
The U.N. Compensation Commission, set up by the U.N. Security Council after the seven-month occupation of the emirate and U.S.-led defeat of Saddam Hussein's troops in the Gulf War, received a portion of proceeds from Iraqi oil sales.
The rate varied over the 30 years and was most recently 3%.
In all, about 2.7 million claims, with an asserted value of $352.5 billion were lodged, but the UNCC approved payment of $52.4 billion covering 1.5 million successful claims.
The largest claim approved by the UNCC was for $14.7 billion in damages incurred by the Kuwait Petroleum Corporation (KPC) after departing Iraqi troops set fire to oil wells.
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