Iraq

A restrictive approach is adopted to cover of subcontracted foreign supplies.
Wholeturnover cover will be automatically suspended for future deliveries if payment is not received eight weeks after the agreed due date at the latest.

Cover facilities are available on a case-by-case basis.
A restrictive approach is adopted to cover of subcontracted foreign supplies.

As a rule, a guarantee from the Ministry of Finance has to be provided.
For short-term transactions letters of credit from Iraqi banks may be accepted on a case-by-case basis.
Collateral requirements may only be waived, if comprehensive documentation or particularly audited annual accounts drawn up according to international accounting standards justify this.

The assessment of a bank for acceptance as a guarantor or borrower is carried out case by case on the basis of informative documents and taking into account the risk involved.

Country information on commercial practices, business climate, market analyses, law, import procedures, customs duties and international projects and tenders can be found on the website of Germany Trade & Invest (gtai, https://www.gtai.de).