After the deadlock in the British Parliament, Prime Minister May resigned and the new leader of the Conservative party, Boris Johnson, took over as Prime Minister. As part of today`s agreement, the former Im Bank can support U.S. exports to Iraq with two of its short-term insurance products: [Deutsch] [Italiano] WASHINGTON, DC- The Export-Import Bank of the United States (Ex-Im Bank), the Iraqi Treasury and the Trade Bank of Iraq today signed a framework agreement allowing ex-Im Banks to continue to support U.S. exports. On 23 March 2018, EU and UK negotiators reached an agreement on the draft withdrawal agreement allowing the European Council (Article 50) to adopt guidelines for the framework for future eu-UK relations. Iraqi Finance Minister Adil Abdel-Mahdi, The President of the Commercial Bank and President Hussein Al-Uzri and Merrill signed the agreement at the headquarters of the former Im Bank in Washington, D.C. The Commercial Bank was established in July 2003 to provide commercial services to facilitate the reconstruction of Iraq and for the good of the Iraqi economy. In November 2003, the former Im Bank approved a $500 million short-term insurance facility to support the export of U.S. goods and services to Iraq, financed by the Commercial Bank.
The renewal of the framework agreement will allow the commercial bank to continue to access this facility to the tune of $500 million. This agreement replaces an agreement reached last December between the former Im Bank, the Trade Bank and the Coalition Provisional Authority (CPA) and reflects the seizure of sovereignty by Iraq`s interim government last June. Representatives of the UNITED Kingdom and the EU signed the withdrawal agreement. The EU and the UK have reached an agreement on the withdrawal agreement with a revised protocol on Ireland and Northern Ireland (abolition of the „backstop“) and a revised political declaration. On the same day, the European Council (Article 50) approved these texts. Ex-Im Bank is pleased to establish formal cooperation with the Iraqi government, and we look forward to funding U.S. exports to support the reconstruction of Iraq, said former bank president Philip Merrill. This is an important step for Iraq in restoring its trade and financial relations around the world, while rebuilding its economy.
Just as the export credit agencies (EECs) of 15 other nations joined us in December when we signed framework agreements, we continue to see that this is a multilateral effort and we look forward to other ECAs developing similar agreements. From the left: On 5 October 2004, Mr. Hussein Al-Uzri, President of the Bank of Commerce of Iraq, Adil Abdul-Mahdi, Iraqi Minister of Finance, and Philip Merrill, President of the Bank, signed an agreement allowing future exports of American goods and services to Iraq.