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Cablegate: Canada: Lukewarm to Export Credit Agency

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

UNCLAS OTTAWA 003036

SIPDIS

STATE FOR EB/ODF, EB/IRAQ, NEA/I - BYERGO AND WHA/CAN

E.O. 12958: N/A
TAGS: ECON EFIN PGOV CA IZ
SUBJECT: CANADA: LUKEWARM TO EXPORT CREDIT AGENCY
AGREEMENT WITH IRAQ'S TRADE BANK

REF: STATE 228304

1. We conveyed the points in reftel to officials at Foreign
Affairs Canada (FAC), the Canadian International Development
Agency, Export Development Canada (the ECA) and the
Department of Finance. Although there is no opposition in
principle to signing a framework agreement with the Trade
Bank of Iraq, there is, thus far, no demand from Canadian
businesses and there is unlikely to be any until the security
situation is more inviting. We were told that EDC also has
concerns about the long-term reliability of the oil revenue
flows that would back up TBI guarantees. The GOC is open to
approaches from TBI "once peace breaks out" and believes a
Canadian bank may have already signed some sort of protocol
with Iraq.

2. A publication by International Trade Canada had a
front-page article in October encouraging Canadian firms to
participate in the "Rebuild Iraq 2005 exhibition in Amman
next April, noting that it will "offer international
suppliers a safe meeting place to present their products and
technologies to Iraqi entrepreneurs, regional and
international contractors and subcontrators, traders and
importers, and Iraqi officials responsible for the Iraq
Development Fund." The FAC contact person reports there has
been no interest from Canadian firms, but he is optimistic
that business will improve as the security situation settles.
He will be attending the November conference in Amman as a
delegate and will look for counterparts from Embassy Amman.

3. Baghdad minimize considered.

Visit Canada's Classified Web Site at
http://www.state.sgov.gov/p/wha/ottawa

CELLUCCI

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