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Cablegate: Iraq: Dutch Interested in Working with Trade Bank

This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS THE HAGUE 002306

SIPDIS

PARIS FOR USOECD

E.O. 12958 N/A
TAGS: EFIN ECON EAID ETRD PREL IZ EXIM
SUBJECT: IRAQ: DUTCH INTERESTED IN WORKING WITH TRADE BANK
OF IRAQ

REF: STATE 250386

1. In the Netherlands, all export credit insurance risks
(political and commercial, pre-credit and credit) for all
countries under short term whole turnover policies are
handled by a private insurer Gerling NCM. The Ministry of
Finance has pledged to inform Gerling about the
possibilities of working together with the Iraqi Trade Bank.
If Gerling NCM is not interested, the Dutch government will
give serious consideration to the possibility of providing
short-term export credit insurance and working together with
the Trade Bank of Iraq itself.

2. According to MinFin, the Netherlands is currently
considering applications for financing medium term trade
transactions on a case by case basis. The Dutch require
that deals be structured in such a way that there is
sufficient collateral or alternative forms of security. In
this respect, The Dutch believe that the establishment of
the Iraqi Trade Bank is a very interesting initiative.
However, the Netherlands has decided to defer actual
provision of cover until the security situation in Iraq
improves.

3. The Netherlands will be represented at this month's
technical meetings at the OECD by Ammarens Bruggenkamp of
the Foreign Economic Relations Division of the Ministry of
Finance.

Sobel

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