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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