Baghdad Seeks Recovering Iraqi Funds Frozen in Italy
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Baghdad Seeks Recovering Iraqi Funds Frozen in Italy

ERBIL - Iraq's Ministry of Foreign Affairs said in a statement on Thursday that it is seeking to recover the Iraqi funds frozen in Italy.

Iraqi Foreign Minister Fuad Hussein said in a statement that Baghdad is working on the recovering around 600 million euros frozen in Italian banks, plus interest, noting that Iraq has no intention of giving up on the money.

He further explained that the money was paid to Italian companies by the former Iraqi regime led by Saddam Hussein to purchase weapons which were never delivered because of the 1991 embargo on the sale of arms to the country.

Hussein pointed out that Iraq mainly relies on oil revenues, thus it is attempting to diversify its sources of revenues through promoting foreign investment and providing the private sector with a stronger role in the country.
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