UN compensation board makes available another $196 million in Iraqi funds

The United Nations panel handling compensation for losses suffered as a result of Iraq's invasion of Kuwait today approved awards of more than $196 million, bringing the total made available thus far to just under $18 billion.

The money, totalling $17,987,564,399.83, was allocated to 26 governments and three international organizations in the latest of the quarterly disbursements. The largest amount was earmarked for Kuwait, which filed a claim for $139,350,085.73.

The Security Council established the UN Compensation Commission (UNCC) in 1991 to process claims and pay compensation for losses resulting from Iraq's 1990 invasion and occupation of Kuwait.

More than 2.6 millions claims with a total asserted value of $350 billion have been filed with the UNCC. Ninety-six governments have filed claims on behalf of their nationals, corporations and themselves as well as 13 offices of three international organizations.

Money for the awards comes from the UNCC, which received up to 30 per cent of the revenue generated by Iraqi oil exports under the UN's Oil-for-Food programme, which allowed the former sanctions-bound regime to sell oil for humanitarian supplies. That programme will be phased out by 21 November.