The state-owned Kuwait Airways Corporation (KAC) has been awarded $56.1 million in partial compensation by the United Nation’s Compensation Commission (UNCC), set up by the Security Council after the 1991 Gulf War. KAC expects to receive another $100 million in compensation funds, along with the accrued interest, in October, reported the Kuwait Global Investment House.
The UNCC fund is financed by 30 percent of Iraq's oil export revenues under a UN mechanism. The rest of the revenue goes towards buying food, medicine and essential goods for Iraq, which has been under sanctions since the invasion.
The UN panel handed out $5.9 billion in compensation funds to various countries by 2001. Beneficiaries of the compensation funds include 74,442 individual claimants. Kuwait hopes to receive approximately $38.3 million. Jordan has received the largest installment of funds so far, totaling $142.3 million. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
