The government of Iraq has signed an agreement with France to boost trade between the two countries.
The framework agreement was signed in Paris on behalf of Iraq by Baker J. Al-Zubaidy, minister of finance, and Hussein Al-Uzri, chairman of the Trade Bank of Iraq. Credit insurance group Coface was authorised to sign on behalf of the French government.
Al-Uzri comments: “Export credit agreements have a role in reducing the impact of the regional and international credit crisis, and supporting the rebuilding of Iraq. Trade Bank of Iraq represents a strategic partner in achieving this through the agreements that were signed with 20 corporations, most of which are in major industrial countries.
“The agreements have been reached in a spirit of mutual cooperation between our two countries, to further our common economic interests.
“The aim of the ministry of finance and the Trade Bank of Iraq is to facilitate the import of goods and services to Iraq by public sector purchases.”
Coface intends to support the export of French goods and services to Iraq by issuing export credit insurance to French exporters. The arrangement will be underpinned by letters of credit which will be issued by the Trade Bank of Iraq, a major banking institution owned by the state.
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