(MENAFN- Iraq Business News) By John Lee.
The United Nations Compensation Commission (UNCC) , which was established to pay compensation for losses and damage as a direct result of Iraq's unlawful invasion of Kuwait in 1990, has made available $230 million to the Government of Kuwait towards the Commission's remaining claim with an outstanding award balance.
With this payment, the Commission has paid out $50 billion of the $52.4 billion in awarded compensation, leaving approximately $2.4 billion to be paid to the only claim with an outstanding award balance.
The Commission had been on track to pay the outstanding compensation award in 2021. In light of the effects of the pandemic, the Council noted that the timeline for the completion of the Compensation Commission's mandate is now expected to extend into 2022.
Funds to pay compensation are drawn from the United Nations Compensation Fund , which currently receives 3 per cent of the proceeds generated by the export sales of Iraqi petroleum and petroleum products.
(Source: UNCC)
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