EGX kicks off week higher on August 17    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt firms in Iraq await compensation under Oil-for-Food Program
Published in Almasry Alyoum on 23 - 09 - 2010

Egyptian private- and public-sector officials have criticized the Foreign Ministry's seeming disregard for demands by the Trade Ministry's Trade Representation Agency for US$1.1billion in compensation to be paid out to Egyptian companies and workers in Iraq as part of the UN's longstanding Oil-for-Food Program.
Egyptian companies operating in Iraq are reportedly owed a total of nearly US$1.1 billion, not including deposits made in Iraqi banks before the 2003 US-led invasion of Iraq.
Following a report in Al-Masry Al-Youm on Friday that the reimbursement process was currently underway, a number of company officials called in to deny the report.
“The ministry has not budged since the Iraqi Council of Ministers issued a decision last June to reimburse companies and countries as part of the implementation of the Oil-for-Food program,” one company official said on condition of anonymity.
According to other corporate sources, Egyptian firms are second on the list of companies and workers to be compensated. Since the Iraqi government issued its decision on the matter, they say, only Russia has been reimbursed in full, while no action has yet been taken by the Egyptian Foreign Ministry to settle the issue.
Russia and Egypt are followed on the list by France, which is followed in turn by several Southeast Asian and European nations, the same sources say. The United Nations, they add, has maintained its refusal to release frozen Iraqi government assets amounting to US$100 billion, which the world body says it will release only following the settlement of debts owed to companies as part of the Oil-for-Food program.
The 30 Egyptian companies now waiting for reimbursement reportedly include the state-run Food Industries Holding Company and the Holding Company for Pharmaceuticals, along with a number of private-sector firms.
The United Nations initially launched its Oil-for-Food program in 1996 following the imposition of an international embargo on Iraq in the wake of the US-led Gulf War in 1991.
Translated from the Arabic Edition.


Clic here to read the story from its source.