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Given the progress of the economy and improvements in security, ECGD has now decided to make available a limited amount of cover on a first-come-first-served basis from today (7 July 2009). ECGD has not provided medium-term cover since before Iraq’s invasion of Kuwait in 1990.

The UK Minister for Trade, Investment and Business, Lord Davies of Abersoch said:

“ECGD’s return to cover for Iraq is good news for UK exporters and is a clear sign of the significant improvements in the stability of the country.

“Iraq's represents major opportunity for UK business. The country needs more international investment to generate jobs and economic growth – which will be key to setting Iraq on the path towards long term prosperity.

“I am pleased that ECGD has now concluded its review, and that British exporters will now be able to trade with Iraq with ECGD support.”

UK businesses are already working with and in Iraq to develop commercial opportunities. In 2008, British exports to Iraq increased by 17 per cent to £156m.

UK Trade & Investment (UKTI), the government organisation that helps British business grow internationally, has also expanded its presence in both Baghdad and Basra. Its trade and commercial teams can provide tailored support and advice for any UK companies looking to do business in the market

In April this year, Lord Mandelson led a senior UK trade delegation to Iraq to look at potential business and partnership opportunities. Later that month Prime Minister Maliki visited the UK with a 150-strong Iraqi delegation.

During the visit, the Government hosted the 'Invest Iraq' conference, a major conference to promote trade and development. Representatives from more than 100 UK firms, with skills ranging from construction, transport and power to healthcare, security and financial services, discussed the potential of trade with and investment in Iraq.

Case Studies

* Foster Wheeler Energy Ltd was awarded a contract by Southern Oil Company in February this year to provide basic engineering support for its new offshore oil export facilities.
* Maritime & Underwater Security Consultants have secured an estimated $200 million contract to survey the seabed and provide pipeline services between refineries and ports and offshore loading points for oil tankers in Basra.
* B-Plan Information Systems is rolling out a new banking software system at 150 branches of the Rafidain Bank – a system which will give 4.5 million account holders access to modern banking for the very first time.

NOTES TO EDITORS

e1. ECGD, the Export Credits Guarantee Department, is the UK's official export credit agency. ECGD works with exporters, project sponsors, banks and buyers to help UK exporters of capital equipment and project-related goods and services, by providing insurance against non-payment risks to UK exporters and guarantees for bank loans to facilitate the arranging of finance to buyers of UK goods. It also provides insurance against political risks to UK investors in overseas markets. More details are available at www.ecgd.gov.uk.

2. UK Trade & Investment (UKTI) is the government organisation that helps UK-based companies succeed in the global economy. UKTI also helps overseas companies bring their high quality investment to the UK’s economy – acknowledged as Europe’s best place from which to succeed in global business. UKTI offers expertise and contacts through its extensive network of specialists in the UK, and in British embassies and other diplomatic offices around the world. We provide companies with the tools they require to be competitive on the world stage. For more information visit the website www.uktradeinvest.gov.uk

Press enquiries
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