Washington, Aug 27: US President George W. Bush has extended Export-Import Bank credits to US firms exporting to Iraq. The Bank promotes US sales abroad with loans and loan guarantees to US exporters doing business in approved countries.
"It is in the national interest for the Export-Import Bank to guarantee, insure, or extend credit, or participate in the extension of credit in support of united states exports to Iraq," Bush said yesterday in the directive, a copy of which was made available by the White House.
The Export-Import Bank is a federal agency that assists the financing of US goods and services abroad. It also assures the repayment of loans and makes loans to foreign purchasers of US goods and services.
The bank`s figures for 2002 showed it had completed nearly 11,000 financial transactions totaling 65.5 billion dollars over the previous five years. Bureau Report