US embassy cable - 03THEHAGUE2306

UNCLAS THE HAGUE 002306 
 
SIPDIS 
 
PARIS FOR USOECD 
 
E.O. 12958 N/A 
TAGS: EFIN, ECON, EAID, ETRD, PREL, IZ, EXIM 
SUBJECT: IRAQ:  DUTCH INTERESTED IN WORKING WITH TRADE BANK 
OF IRAQ 
 
REF: STATE 250386 
 
1.  In the Netherlands, all export credit insurance risks 
(political and commercial, pre-credit and credit) for all 
countries under short term whole turnover policies are 
handled by a private insurer Gerling NCM.  The Ministry of 
Finance has pledged to inform Gerling about the 
possibilities of working together with the Iraqi Trade Bank. 
If Gerling NCM is not interested, the Dutch government will 
give serious consideration to the possibility of providing 
short-term export credit insurance and working together with 
the Trade Bank of Iraq itself. 
 
2.  According to MinFin, the Netherlands is currently 
considering applications for financing medium term trade 
transactions on a case by case basis.  The Dutch require 
that deals be structured in such a way that there is 
sufficient collateral or alternative forms of security. In 
this respect, The Dutch believe that the establishment of 
the Iraqi Trade Bank is a very interesting initiative. 
However, the Netherlands has decided to defer actual 
provision of cover until the security situation in Iraq 
improves. 
 
3. The Netherlands will be represented at this month's 
technical meetings at the OECD by Ammarens Bruggenkamp of 
the Foreign Economic Relations Division of the Ministry of 
Finance. 
 
Sobel