EXIM Signs Memorandum of Understanding with Iraq’s Ministry of Finance
February 13, 2018
(Ex-Im Bank)
Kuwait City, Kuwait – Today the Export-Import Bank of the United States (EXIM)
entered into a memorandum of understanding (MOU) with Iraq’s Ministry of
Finance aimed at rebuilding Iraq and enhancing trade and economic cooperation
between the two countries.
EXIM’s Acting Vice Chairman Scott Schloegel signed the MOU today with Iraq’s
Deputy Finance Minister Dr. Maher Hammad Johan at the Kuwait International
Conference for the Reconstruction of Iraq held at Bayan Palace in Kuwait City.
U.S. Ambassador to Iraq Douglas A. Silliman and Iraqi Prime Minister Haider
al-Abadi also attended. The signing was part of a U.S. diplomatic mission from
February 11-16 being led by U.S. Secretary of State Rex Tillerson to Jordan,
Turkey, Beirut, Lebanon, Egypt, and Kuwait.
“This MOU signals that American workers want to be part of the rebuilding
effort in Iraq,” said Acting Vice Chairman Scott Schloegel. “We anticipate
that the financing following from this agreement will support scores of jobs
across the United States over the coming years.”
Under the MOU, EXIM and Iraq’s Ministry of Finance agreed to identify
potential projects in Iraq for procurement of goods manufactured in the United
States and services produced by American workers. Areas for collaboration and
business development include infrastructure, rail and road transportation,
aircraft, energy, health care, and security, among others.
EXIM has agreed to facilitate short- and medium-term financing of U.S. exports
to Iraqi state-owned enterprises up to a total of $3 billion in aggregate. Up to
$1 billion of this financing may be allocated to eligible short-term commodity
transactions. Access to EXIM financing is subject to the bank’s approval for
each individual transaction and must comply with the terms for EXIM’s
financing.
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