Iraq to pay $1 billion compensation for lost Egyptian assets

Ahram Online, Tuesday 13 Mar 2012

Egyptians who worked in Iraq during the 1990s Gulf War will finally get compensation for the money they lost, claims a report

Two decades after the Gulf War, Egypt and Iraq have finally reached a deal on paying compensation to Egyptians who were working in Iraq at the time.

An agreement was made during a weekend meeting between the two country's foreign ministers in Baghdad, the daily Al-Ahram newspaper reported on Monday.
Around 670,000 Egyptian citizens are demanding $804 million in compensation for assets they lost during the 1990-91 conflict, according to Al-Ahram's report. They are requesting an additional $295 million as interest.
The property, businesses and other assets lost by Egyptians have been dubbed "yellow remittances".
Iraqi foreign minister Hoshyar Zebari said his country's cabinet is committed to repaying all it owes to Egyptians, saying it ensures Iraq's credibility in its relations with other nations.
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