The Export-Import Bank of the United States (Ex-Im Bank) has reported that the first transaction has been approved under its short-term insurance program for Iraq.
The bank is insuring the $15 million export sale of fogging machines and accessories for insect abatement manufactured by Tifa for the Iraqi Ministry of Health. The insurance will support a letter of credit issued by the Trade Bank of Iraq and confirmed by JPMorgan Chase Bank.
Ex-Im Bank approved a $500 million insurance facility for the Trade Bank of Iraq on November 25, 2003, and it became effective on December 5, 2003, when Ex-Im Bank joined 15 other nations' export credit agencies in signing framework agreements with the Trade Bank and Coalition Provisional Authority (CPA). — (menareport.com)
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