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By the time the Iran–Iraq War ended, Iraq was not in a financial position to repay the US$14 billion it had borrowed from Kuwait to finance its war and requested that Kuwait forgive the debt. [18] Iraq argued that the war had prevented a possible rise of Iranian hegemony over Kuwait.
Kuwait's plans for economic development, such as the "Silk City project", involves developing mutually beneficial economic ties with Iraq. [25] Kuwait Vision 2035 entails the development of northern Kuwait (near the Iraq border and key Iraqi cities). Economic projects like the "Abdali Economic Zone" are designed to cater to Iraqi markets.
Iraq's debts to Kuwait amounted to $14 billion. [46] Iraq pressured both nations to forgive the debts, but they refused. [45] [47] The Iraq–Kuwait border dispute involved Iraqi claims to Kuwaiti territory. [40] Kuwait had been a part of the Ottoman Empire's province of Basra, something that Iraq claimed made Kuwait rightful Iraqi territory. [48]
Iraq respects the sovereignty and territorial integrity of Kuwait and is committed to all its bilateral agreements with countries and to the resolutions of the United Nations Security Council, a ...
Al-Ameeri opposes forgiving Iraq's debt. The debt, estimated at $16 billion, represents loans Kuwait made to Baghdad in the Saddam Hussein era, mostly during the 1980-1988 Iraq-Iran war. Al-Ameeri argues that, "The debt owed by Iraq to Kuwait is the right of the Kuwaiti people and no one has the right to negotiate over them."
Saddam then ordered the invasion of Kuwait to solve the country's economic problems, with the professed goal of uniting Iraq; Kuwait was considered by many Iraqis as part of Iraq. [53] On 18 July 1990 Saddam demanded that Kuwait repay Iraq for the oil it had (according to Saddam) stolen, and nullified Iraq's debt to Kuwait.
This week marks the 20th anniversary of the U.S.led invasion of Iraq. Then-President George W. Bush and his British counterpart, Prime Minister Tony Blair, signed off on a war based on the myth ...
Kuwait also allowed Iraq's modified Al Hussein SCUD missiles to reach Qatar and Bahrain. Kuwait is one of the richest countries in the world. As of 2017, Kuwait has the 15th largest GDP per capita of US$66,200. [7] In 1990, Kuwait had the most modern water treatment facilities in the Middle East. The invasion gave Iraq access to these riches.