IRAQ and its national airline will pay $US300 million ($457.32 million) in compensation to Kuwait Airways for Saddam Hussein's invasion of the emirate almost 20 years ago, a government spokesman said.
The payment is a final settlement that will end a row that has simmered since the seven-month occupation by Saddam's forces was ended by a US-led coalition in 1991.
"The Council of Ministers decided today to pay $US300 million to Kuwait Airways and the two parties agreed to put an end to the legal process," government spokesman Ali al-Dabbagh said.
The precise terms of the deal were agreed after discussions between the Emir of Kuwait and Iraqi President Jalal Talabani at an economic summit of Arab states in the past week.
Kuwait Airways demanded $US1.2 billion ($1.83 billion) in reparations from Iraqi Airways for planes and equipment stolen during Saddam's 1990 invasion of the emirate.
The company used a Montreal court in August 2008 to stop 10 Bombardier CRJ900 aircraft ordered by Iraqi Airways from the Canadian company from being transferred, a decision that eventually prompted the settlement.
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