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Cablegate: Opic Inquiry Re: Immdf Loan Proposals

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

UNCLAS BAGHDAD 005101

SIPDIS

E.O. 12958: N/A
TAGS: EAID ECON EINV ETRD KPRV IZ
SUBJECT: OPIC INQUIRY RE: IMMDF LOAN PROPOSALS

REF: A. STATE 223589
B. BAGHDAD 4904

1. This cable is in response to reftel A re: OPIC request
for Embassy comments on potential Iraq Middle Market
Development Foundation (IMMDF) loan proposals.

2. Post IRMO/Private Sector Development was closely involved
in the referral process for projects A (Naseer Oxygen Gas), C
(Hilal Al Khair), F (Al-Bareeq Air Conditioning), and H
(Tigris Holdings), and is supportive of OPIC involvement.
For each of these projects, Post met with the applicant
numerous times and:

-- explained the loan process and parameters;
-- discussed the details of the loan request and possible
structures for a credit facility;
-- asked questions to gain a comprehensive understanding of
their business; and
-- assisted (in most cases, directly) in the preparation of a
detailed analysis of their business.

3. Post is not as familiar with the remaining projects
listed in reftel A, though we believe investment in these
business sectors would be beneficial for Iraqi reconstruction
and development. We are prepared to research these projects
more closely, but note this will take longer than the
mid-January timeframe by which OPIC would like Post comments.
Please advise.
KHALILZAD

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