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December 08, 2003
Iraq, Trade Bank - progress
From good old MENAFN:
16 countries approve Iraqi reconstruction deal
MENAFN - 06/12/2003
(MENAFN) Sixteen countries agreed on Friday in Iraq to insure payments of up to $2.4 billion worth of exports to Iraq in an effort to revive the country's economy, Associated Press reported.
The agreement was signed by Iraq's Coalition Provisional Authority, government export bank from the 16 participating countries, and the Trade Bank of Iraq.
Government credit agencies such as the US Export-Import Bank, the US Overseas Private Investment Corp., Italy's SACE and Australia's EFIC committed more than $2 billion to insure loans.
Countries participating in the deal include Australia, Austria, Belgium, Britain, Czech Republic, Denmark, Germany, Italy, Germany, Japan, Luxembourg, Netherlands, Poland, Spain, Sweden, Switzerland, and the US.
France did not participate, while the US and Japan were the largest contributors offering loan insurance of $500 million each. Italy's export credit agency SACE agreed to insure payment of about $301 million.
Earlier in the year, a consortium of around a dozen private banks lead by J.P. Morgan was awarded a contract to provide letters of credit to companies looking to do business in Iraq via a newly formed trade bank. The Trade Bank of Iraq said it was issuing its first seven letters of credit to back that purchase of $7.9 million in medical supplies.
The figures are not included in the $33 billion pledged in the October Donors conference in Madrid.
Posted by The Lounsbury at December 8, 2003 12:22 AM
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Jan-Dec 2003
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