Ex-Im Bank approves $500 million to support Iraqi Trade Bank

Ex-Im Bank approves $500 million to support Iraqi Trade Bank    The U.S. Export-Import Bank has approved a $500 million in short-term insurance to support U.S. exports of goods and services financed by the Iraqi Trade Bank for postwar reconstruction purposes.
   The U.S. government joined 15 other countries in signing the framework agreements to provide $2 billion to the Iraqi Trade Bank and Coalition Provisional Authority. The CPA created the Iraqi Trade Bank July 17.
   For Iraq-bound exports, Ex-Im Bank will insure letters of credit issued by the Iraqi Trade Bank. U.S. exporters will receive payment under letters of credit issued by the insured bank, Ex-Im Bank said.
   In addition, Ex-Im Bank is able to support pre-export activities of subcontractors to Iraq under its Working Capital Guarantee Program. The bank will consider applications for financing U.S. exports to Iraq under its loan guarantee, working capital and credit insurance programs if there is a “creditworthy source of repayment” in a third country.