(MENAFN- Iraq Business News) By John Lee.

The Export-Import Bank of the United States (EXIM) has entered into a memorandum of understanding (MOU) with the Ministry of Finance of the government of Iraq aimed at rebuilding Iraq and 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 EXIM financing potentially available under the MOU from $3 billion up to a total of $5 billion.

At EXIM headquarters in Washington this afternoon, EXIM President and Chairman Kimberly A. Reed signed the MOU with Iraqi Deputy Prime Minister and Minister of Finance Dr. Fuad Hussein. The signing also was witnessed by Iraq Ambassador to the United States Fareed Yasseen.

EXIM President and Chairman Kimberly A. Reed said,

'This MOU signals to the marketplace that U.S. companies and their workers in America want to be a part of the rebuilding effort in Iraq.

'We anticipate that the EXIM-backed financing to follow from this agreement will support exporter and supply-chain jobs in multiple industries across the United States and also foster job creation in Iraq.

"Iraq is an important partner to the United States, and we look forward to working together to strengthen the relationship between our two countries.'

Under the MOU, EXIM and Iraq's Ministry of Finance agreed to identify potential projects in Iraq for procurement of U.S.-produced goods and services. EXIM agreed to explore options for providing the agency's medium- and long-term loans, guarantees, and export credit insurance to support U.S. exports to Iraq.

For projects that may be eligible for EXIM support, cooperation between the Ministry of Finance and EXIM would be directed towards qualifying such projects for approval by both institutions.

(Source: EXIM)

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