EXIM Signs Memorandum of Understanding with Iraq's Ministry of Finance
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.
ABOUT EXIM BANK:
EXIM Bank is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Almost 90 percent of its transactions directly serve American small businesses.
In fiscal year 2017 (October 1, 2016, through September 30, 2017), EXIM approved $3.4 billion in total authorizations to support an estimated $7.4 billion of U.S. export sales. Since FY 2009, EXIM has supported more than 1.4 million American jobs in communities across the country and sent $3.8 billion of surplus to the U.S. Treasury for deficit reduction.
For more information about EXIM, please visit www.exim.gov.