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U.S. and Iraq sign $1 billion loan guarantee agreement

Today, the United States and Iraq signed a loan guarantee agreement that, once entered into force, will enable Iraq to access up to $1 billion in low-cost financing from international capital markets.

The loan guarantee is intended to deliver on President Obama’s pledge at the G7 Ise-Shima Summit in May 2016 and underscores the enduring U.S. commitment to support Iraq, particularly at this critical moment in the fight against Daesh. In addition to facilitating access to essential financing as Iraq addresses multiple humanitarian crises, the guarantee agreement bolsters important economic and institutional reforms aimed at consolidating a foundation for stability and growth.

This loan guarantee also reinforces Iraq’s work with other partners, including the International Monetary Fund, to implement its economic reform agenda. This agreement is an important step in the process for Iraq to obtain greater access to international capital markets. After specific legal requirements and policy considerations have been concluded, Iraq will be able to benefit from this U.S. sovereign loan guarantee.

Today’s signing ceremony underscores ongoing U.S. efforts to help all of the people of Iraq create an environment that supports sustainable and inclusive economic growth, encourages investment and creates jobs, and supports expanding economic relations with the United States and the world.

As Iraq continues to make progress in implementing this reform agenda, which promises a better future for all Iraqis, it can count on support from its partners in the international community.

[Source: US DOS-Media Relations]

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