Trade Bank of Iraq and Euler Hermes sign Memorandum of Cooperation

We're thrilled to announce the signing of a cooperation agreement between the Trade Bank of Iraq (TBI) and Euler Hermes, the German export credit agency. This strategic partnership aims to boost the private sector in Iraq by promoting German exports to the country.

In signing the MoC both parties acknowledge the critical role of the private sector as a provider of income, jobs, goods, and services to enhance people’s lives in Iraq. TBI and Euler Hermes will work closely together to leverage the opportunities presented by the Sovereign Guarantee Initiative of the Government of the Republic of Iraq.

In support of the government’s efforts to strengthen the Iraqi private economy, Euler Hermes will consider export credit cover for German export transactions up to a volume of EUR 1 billion. Export credit cover is a pivotal instrument to for the Iraqi economy to gain access to financing options from international banks, and, in this case, cutting-edge technology and machinery from Germany.

Our joint undertaking began with the recent signing of the MoC in Baghdad. Further meetings are scheduled for June where we will put our collaboration into practice!