Kuwait gets $1bn in Iraqi reparation: UN
GENEVA, Jan 26, 2012 (AFP) - The United Nations released $1.02 billion (774 million euros) in Iraqi compensation to Kuwait on Thursday in the latest payment of a war reparation scheme that began in 1994.
The payment brings the total compensation paid over Iraq's invasion and occupation of Kuwait to $35.4 billion. A further $17 billion is due.
The UN Compensation Commission was created in 1991 as a subsidiary organ of the UN Security Council.
Its mandate is to process claims and pay compensation for losses and damage suffered as a result of the invasion of Kuwait that year by Saddam Hussein's regime.
Iraq is required to put five percent of its oil and gas revenues into the reparations fund.