Most Commented

Egypt Seeks $500B from Israel for Sinai Damage

07/01/2013 11:56
Egypt seeks reparation for irrevocable damages

Egypt seeks reparation for irrevocable damages

In December of 2011 Egypt sent the United Nations a report detailing the reasons for which Israel owes the government of Egypt $500 billion for damage sustained by the Sinai Peninsula when it was controlled by Israel between 1967 and 1982.

Following one year of inaction by the UN, the report has now been sent to the US administration in the hopes that it will press its ally, Israel, into paying the debt.

The monetary demand is based on the claim that in its occupation and exit of the Sinai Peninsula, Israel disabled all ways of life and methods for progress in the region. It is based off of Article VIII of the 1979 peace agreement between the nations, which said, “The parties agree to establish a claims commission for the mutual settlement of all financial claims.”

For more on the Egypt - Israel relationship, see:
The report notes that former president Hosni Mubarak did not introduce claims regarding any of the stolen goods or physical damage throughout his time as ruler.

The 750 page report describes the plethora of ways in which Israel shattered the local economy. It asserts that Israel destroyed the fishing industry and 40 percent of the coral reefs; took valuable oil, gold, and gems, leaving only “worthless” rock behind.

It goes on to say that maritime trade through the Suez Canal was disrupted between 1967 and 1975, thus depriving Egypt of millions of dollars’ worth of revenue; Israel stole just under $50 billion worth of sand; and conducted excavations, stealing valuable artifacts from both the land and museums in the area.

The Sinai Peninsula. Image credit: NASA

Israel also allegedly took 30 percent of the region’s freshwater sources, redirecting them towards its own population.

Militarily, the report claims that Israeli soldiers ransacked all Egyptian banks in the Gaza Strip following the conclusion of the 1967 war, and Israel obliterated the Egyptian Air Force in 1967.

Now, Egyptian leaders are asserting their rights to reparations for the wrongs committed through the 1970s’. The timing is important, as Egypt is desperate for funding right now.

Talks with the IMF regarding a $4.8 billion loan will be restarting shortly.
Author:    Amira Haddad
Tags:    Egypt     Israel     Sinai     economy     business     investment
Related Articles
No Amendments Necessary to Loan Agreement
Most Controversial IMF Condition has Been Met
Unpaid Dues Keep Petroleum Sector from Developing
Falls 2.5% Against the Dollar in One Day
Reader Comments: 3
2013-01-09 08:08:46
Chuzpah, the definition
Never mind that Israel discovered huge Sinai oil fields and gave the entire peninsula, lock, stock and barrel including the discovered and developed fields, without asking for any compensation for the R & D... Egypt has redefined chuzpah by making this totally off the wall demand!!
2013-01-08 12:25:16
Temples and Statues
What about a bill to the umma/caliphate for the 30ft. Statues, the Temples, Churches, Synagogues etc. that they have destroyed. Send them a bill for the Twin Towers!!
2013-01-07 21:12:11
Thank you for the laugh. Every day as Egypt inches closer to the 7th century, I am reminded of the adage that you get the government you deserve.

LINK 4262Egypt to Resume IMF TalksNo Amendments Necessary to Loan Agreementhisham-kandil0.jpg0458North AfricaGeneral Overview
LINK 4258Why Morsi Isn’t Worried About Egypt’s CurrencyMost Controversial IMF Condition has Been Metmorsi90.jpg0897North AfricaGeneral Overview
LINK 4251Egypt’s Electricity Sector Hasn’t Paid for GasUnpaid Dues Keep Petroleum Sector from Developingrockefeller_well.jpg0495North AfricaGeneral Overview
LINK 4244Egyptian Pound Hits Record LowFalls 2.5% Against the Dollar in One Dayegypt currency pound flickr emiemihuimei.jpg0725North AfricaGeneral Overview