Under the terms of the agreement, Eximbank can now insure letters of credit issued by TBI and confirmed by a local bank. It can also provide coverage on short-term credits extended to TBI by insured banks.

Eximbank approved its first transaction in post-war Iraq in May when it underwrote a letter of credit issued by TBI to the US’ Tifafor the sale to the Health Ministry of $15 million worth of fogging machines and accessories for insect abatement (MEED 7:5:04).