Iraq in July will begin paying its "yellow remittances," money owed by Iraq to Egyptian workers who fled the country during the first Gulf War in the 1990s, Egypt's manpower minister has said.
The original debt owed to Egyptian workers in Iraq amounts to US$408 million, Minister of Manpower Ahmed Hassan al-Borai said. Interest on it brings the total to US$952 million.
This amount is owed to 637,000 Egyptians who fled, leaving their money and businesses behind.
At a meeting with Egyptian youth, Borai said Iraq this week will approve procedures for the payment of the remittances.
Borai did not exclude the possibility of visiting Iraq with Prime Minister Essam Sharaf after the remittances are transferred to Egypt.
He said Iraqis would welcome such a visit because they appreciate Egypt's support and want to expand economic cooperation.
His ministry is ready to hand over the remittances to their beneficiaries, he said, adding it has already drawn up a list of their names.
Borai said the Central Bank has agreed that the money will be deposited in particular banks to help beneficiaries outside Cairo receive their money.
Translated from the Arabic Edition