Ex-Im Bank continues insuring exports to Iraq

Ex-Im Bank continues insuring exports to Iraq    U.S. Export-Import Bank signed an agreement with the Iraqi Finance Ministry and Iraq Trade Bank to continue supporting U.S. exports for Iraqi reconstruction.
   The agreement replaces an agreement signed last December between the Ex-Im Bank, the Trade Bank and the Coalition Provisional Authority.
   “This is an important step for Iraq in re-establishing its trade and financing relationships around the world as they rebuild their economy,” said Ex-Im Bank chairman Philip Merrill in a statement Tuesday.
   The Trade Bank was created in July 2003 to provide trade-financing services to help Iraqi reconstruction and benefit the Iraqi economy. In November 2003, Ex-Im Bank approved a $500 million short-term insurance product to support the export of U.S. shipments to Iraq financed by the Trade Bank.
   “Renewal of the framework agreement will allow the Trade Bank to continue to access this $500 million facility,” the Ex-Im Bank said.
   The two Ex-Im Bank short-term insurance products include bank letter of credit insurance policies and financial institution buyer credit insurance policies.