The US Export-Import Bank (Ex-Im) has signed a memorandum of understanding (MoU) with Iraq’s Ministry of Finance aimed at 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 Ex-Im financing potentially available under the agreement from USD3 billion to USD5 billion.
Under the MoU, Ex-Im and Iraq’s Ministry of Finance agreed to identify potential projects in Iraq for procurement of US-produced goods and services.
“This MoU signals to the marketplace that US companies and their workers in America want to be a part of the rebuilding effort in Iraq,” said Ex-Im president and chairman Kimberly A. Reed. “We anticipate that the Ex-Im-backed financing to follow from this agreement will support exporter and supply chain jobs in multiple industries across the USA and also foster job creation in Iraq.”