FOR IMMEDIATE RELEASE October 16, 2019
Linda Formella (202) 565-3204
Dr. Fuad Hussein, Iraqi deputy prime minister and minister of Finance and Kimberly A. Reed, EXIM president and chairman, sign memorandum of understanding for up to $5 billion in EXIM financing.
Washington, D.C. – Today the Export-Import Bank of the United States (EXIM) entered into a memorandum of understanding (MOU) with the Ministry of Finance of the government of Iraq aimed at rebuilding Iraq and enhancing trade and economic cooperation between the two countries. The MOU replaces the previous agreement signed in Kuwait in February 2018 and increases the total amount of EXIM financing potentially available under the MOU from $3 billion up to a total of $5 billion.
At EXIM headquarters in Washington this afternoon, EXIM President and Chairman Kimberly A. Reed signed the MOU with Iraqi Deputy Prime Minister and Minister of Finance Dr. Fuad Hussein. The signing also was witnessed by Iraq Ambassador to the United States Fareed Yasseen.
“This MOU signals to the marketplace that U.S. companies and their workers in America want to be a part of the rebuilding effort in Iraq,” said EXIM President and Chairman Kimberly A. Reed. “We anticipate that the EXIM-backed financing to follow from this agreement will support exporter and supply-chain jobs in multiple industries across the United States and also foster job creation in Iraq. Iraq is an important partner to the United States, and we look forward to working together to strengthen the relationship between our two countries.”
Under the MOU, EXIM and Iraq’s Ministry of Finance agreed to identify potential projects in Iraq for procurement of U.S.-produced goods and services. EXIM agreed to explore options for providing the agency’s medium- and long-term loans, guarantees, and export credit insurance to support U.S. exports to Iraq. For projects that may be eligible for EXIM support, cooperation between the Ministry of Finance and EXIM would be directed towards qualifying such projects for approval by both institutions.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to overseas purchasers of U.S. goods and services. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, 90 percent of the total number of the agency’s authorizations has directly supported small businesses.
For more information about EXIM, please visit www.exim.gov.