View Full Version : Iraq to pay $500m to Kuwait Airways

Investors Iraq News
07-07-2017, 01:44 PM
By John Lee.
Kuwait’s Ministry of Finance and Kuwait Airways Corporation (KAC) are reported to have been coordinating efforts to receive $500 million from Iraqi Airways.
The money is scheduled to be paid in one or two tranches over the next few months.
According to*Arab Times, an initial agreement for Iraq Airways to pay $300 million cash and convert the remaining $200 million to capital base for establishing Kuwait-Iraq Airways as a joint venture has been cancelled.
Iraq will now pay the debt in full as part of an out-of-court settlement; cases filed against Iraq Airways for damage to Kuwait Airways fleet during the Iraqi invasion of Kuwait in 1990 are to be dropped.
(Source: Arab Times)

Source: Iraq-BusinessNews.com. (http://www.iraq-businessnews.com/2017/07/07/iraq-to-pay-500m-to-kuwait-airways/)

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