Iraq Transfers to Egypt 408 Million Dollars

Iraq has transferred to Egypt some 408 million dollars to pay the value of the "yellow remittances", the money owed by Iraq to Egyptians who escaped from the country during the first Gulf War. Last week, Foreign Minister Mohammed Amr and his Iraqi counterpart Hoshiyar Zebari inked an agreement under which the 408 million dollars are to be paid to around 670,000 Egyptians. The "yellow remittances" refer to the debt owed by Iraq to Egyptian workers who fled Iraq during the war in early nineties following Iraq's invasion of Kuwait, leaving their money and businesses behind.