The Trade Bank of Iraq (TBI) signed a credit facilities deal Tuesday with the Kuwait-based Inter-Arab Investment Guarantee Corp (IAIGC) to promote Arab exports to Iraq, a statement said.
IAIGC pledged in the agreement to pay Arab businessmen the value of their exports to Iraq if they failed to get it from Iraqi importers for any reason.
The deal also stipulates that Iraqi authorities would compensate IAIGC for any amount it may pay to Arab exporters.
TBI has already secured credit facilities worth 2.4 billion dollars from 17 foreign export credit agencies to guarantee Iraqi imports of government institutions.