Iraq has collected around $48 million blocked for 19 years in an account at the London branch of an Italian bank because of a lawsuit, the Oil Ministry said Thursday.
The money, intended to finance a proposed pipeline between Iraq and Saudi Arabia, had been held by Intesa Sanpaolo SpA (ISP.MI) since 1990 when Iraqi dictator Saddam Hussein invaded Kuwait.
The release of the funds follows an application by the Ministry to a court in London, the statement said.