Sweden’s export credit agency, EKN, has since December 2003 been open for cover for letters of credit issued by Trade Bank of Iraq. The arrangement has been based on an agreement signed by a number of Export Credit Agencies, Trade Bank of Iraq and the Coalition Provisional Authority. Since the hand over of power in Iraq to the interim government on June 28, the agreement is no longer in force.
EKN has, against this background, decided to close for new business on Trade Bank of Iraq. The development in Iraq is followed closely with the aim to resume cover in the near future.