UK steps in with ‘£10bn’ commitment amid mixed fortunes for Iraqi trade credit

With insurgency adding to an an unstable economic backdrop, Iraq has mustered a potentially important new line of export credit support from the UK, which has agreed to examine up to £1bn ($1.28bn)/yr of support for infrastructure projects over the next ten years. This will be provided through UK Export Finance (UKEF), under a bilateral memorandum of understanding (MoU) signed on 5 March. “UKEF and the government of Iraq are already exploring a number of projects for support under the MoU,” GSN was told by a source at the London-based export credit agency (ECA).