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Iraq to Pay $480 Million Owed to Egyptian Workers From Years Ago

Iraq agreed to send money it owed to Egyptians who worked there from May 1989 to June 1990, Egypt’s central bank said on its website today.

The total amount of money to be paid is $408 million, said Alaa Awad, media adviser for the Ministry of Manpower in Cairo.

The money will be wired through four different banks to 637,000 Egyptians over two months starting March 25, according to the website.

To contact the reporters on this story: Abdel Latif Wahba in Cairo at alatifwahba@bloomberg.net; Dahlia Kholaif in Kuwait at dkholaif@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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