Category: Iraq’s Odious Debts

U.K. export credit agency secretly funded Iraqi chemical weapons plant

(March 1, 2003) Earlier this year, journalist David Leigh documented the fascinating story of how a chemical plant the U.S. identified as a key component in Iraq’s chemical warfare arsenal, was secretly built by Britain in 1985 with financial backing from the government’s export credit agency, Export Credits Guarantee Department. The British taxpayer was forced to write a compensation cheque for ?00,000 to the German-owned company after final checks on the plant, completed in May 1990, were interrupted by the outbreak of the Gulf war.

Pay role

(September 2, 2005) "It would be appropriate for banks and Arab debtors to write off large parts of the odious loans they made to Saddam, and for Kuwait to forgive the war compensation it is due. A clean slate, not new money, is what Iraq’s economy needs most."