TLM724 Administrator BondLady’s Corner
Iraq Pays Last Chunk Of $52.4 Billion Gulf War Reparations – UN
February 9, 20225:46 PM UTC 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.
… the article continues…
Transport Receives A Letter From The European Commission On Lifting The Ban On Iraqi Planes
Tuesday 08, February 2022 22:12 | economic Number of readings: 192
Baghdad / NINA / – The Ministry of Transport announced today, Tuesday, that it had received a letter from the European Commission on lifting the ban on Iraqi aircraft.
The ministry said in a statement, “The Minister of Transport, Nasser Hussein Bandar Al-Shibli, discussed with the Ambassador of the European Union Mission to Iraq the lifting of the European ban on Iraqi planes in European airspace.”
According to the statement, the minister stated that “during the meeting, they discussed the possibility of lifting the restrictions imposed on the green bird and the importance of the Iraqi Civil Aviation Authority passing the ICAO audit and working to overcome obstacles and solve problems in front of this sensitive file to restore confidence in front of European countries and the whole world with the technology and development of Iraqi airlines.”
The statement added that “the ambassador of the European Union handed the Minister of Transport the message of the European Commission General for Mobility and Transport, which carries with it praise and compliments for the meeting that took place on December 14, 2021 between the European Commission, the European Union Agency for Aviation Safety (EASA), the Iraqi Civil Aviation Authority and Iraqi Airways.
And on the progress made in implementing international standards, making some observations necessary to implement in order to achieve the lifting of the European ban on Iraqi aircraft.
Economist: We Are Continuing To Invest Associated Gas, And We May Be One Of Its Exporters To The World
Economic Last update 02/09/2022 | 9:11 am Information / Baghdad… The economic expert, Dr. Safwan Qusay, confirmed that Iraq will continue to invest associated gas in the coming period, pointing out that the world is moving towards this fuel and Iraq may be one of the exporters at a time when Europe is experiencing tensions that have caused a gas crisis.
Qusay told “The Information”, “Iraq owns associated gas and it can be an outlet for additional revenues, and Iraq is continuing to conclude contracts and invest associated gas and stop burning it.”
He added, “The Ministry of Oil has announced that the year 2025 will be the year to stop burning gas, as it will be invested in electricity consumption and operating power plants instead of the import on which Iraq depends greatly.”
And he indicated that “accompanied gas can be exported to the world, especially since its prices are rising at the present time, and therefore there is a large market for it, and the tensions in Europe have caused the scarcity of this fuel exported by Russia in addition to Algeria, raising the prices of crude oil.”
The Center For Banking Studies Organizes A Seminar On Raising The Name Of Iraq From The European Union For High Risk States
February 09, 2022 The Center for Banking Studies organizes a seminar on raising the name of Iraq from the European Union for High Risk States
The Center for Banking Studies at the Central Bank of Iraq, organized a seminar in which the process of raising the name of Iraq from the European Union’s list of high-risk and consequences.
The seminar presented in which Dr. Ali Mohamed Jawad expert in the field of anti-money laundering and terrorism, reviewed the central bank efforts and the Money Laundering and Terrorism Council and the Combating Money Laundering and Terrorism Office and the financing of terrorism and other authorities, in raising the name of Iraq from the European Union’s list of countries and requirements International Banking Sector in compliance, combating money laundering and financing terrorism.
He pointed out that “Everyone has become the importance of combating money laundering and funding, as well as international bodies following the procedures and steps and periodically,” he said. By completing laws and instructions we started.
He stressed that “international standards in combating money laundering and terrorism financing have begun to develop and add to follow other non-financial sectors”
In conclusion, the debate was opened.
The seminar has seen several interventions from the representatives of the Central Bank and banks.
Central Bank of Iraq information Office 9 – February 2022 https://cbi.iq/news/view/1939
Al Bunnia Investments
Al Bunnia Group since 1910
Al Bunnia Group maintains an investment portfolio which holds shares in publicly traded companies.
Al Bunnia Group holdings include:
- Iraqi National Bank
- Al Warka’ Bank
- Iraqi Commercial Bank
- Ahlia Insurance Company
- Baghdad Company for Soft Drinks (Pepsi Cola Company)
- Al Razi Chemicals and Cosmetics Company
- Iraqi Packing and Canning Company
- National Company for Chemical Products and Plastics
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