Govt reaches deal with Iraq over ‘yellow remittances’ debt

Egypt and Iraq have reached a final settlement on the money Iraq owes to Egyptian expatriates who returned home during the 1991 Gulf War.

The two countries made the US$408 million settlement during a meeting on Thursday between Prime Minister Essam Sharaf and Iraqi Deputy Foreign Minister Labid Abawi in Cairo. Egyptian Minister of Manpower and Immigration Ahmed Hassan al-Borai was also present.

The countries are also discussing how to square Iraq's debt to the Egyptian government and private companies from the same war.

The official meeting also tackled the reassertion of strategic relations between the countries and the possiblity of providing access to the Iraqi market for Egyptian companies and manpower, especially in housing and electricity projects.

The leaders also discussed Sharaf's plans to visit Iraq to strengthen bilateral relations. A delegation of businessmen and corporate officials is expected to accompany Sharaf with the goal of opening new fields of cooperation.

Translated from the Arabic Edition

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