Bush authorizes Ex-Im Bank to support Iraq exports
Invoking “national interest,” President Bush authorized the Export-Import Bank on Aug. 27 to support U.S. exports to Iraq through credit, credit guarantee and insurance.
Ex-Im Bank had been prohibited from engaging in regular trade finance transactions involving U.S. exports to Iraq.
In June, the bank began to accept the first applications for export support involving buyers or letters of credit from banks located in third countries. That month, the bank also began considering request from subcontractors providing goods and services to Iraq under U.S. Agency For International Development contracts.