US embassy cable - 04ROME430

C O N F I D E N T I A L ROME 000430 
 
SIPDIS 
 
 
E.O. 12958: DECL: 05/02/2014 
TAGS: EAID, ECON, EFIN, IZ, IT, IRAQI FREEDOM 
SUBJECT: IRAQ: UPDATE ON ITALY AND THE IFC SMALL BUSINESS 
FACILITY 
 
    REF: A. ROME 401 
     B. SECSTATE 23349 
     C. ROME 121 
 
CLASSIFIED BY: ECON MINISTER COUNSELOR, SCOTT KILNER, REASONS 1.5 B, D. 
 
1. (C) ECONOFF MADE REF B POINTS FEBRUARY 5 TO LUIGI 
MACCOTTA, DEPUTY DIRECTOR OF THE MFA IRAQ TASK FORCE, URGING 
GOI SUPPORT FOR THE INTERNATIONAL FINANCE CORPORATION'S SMALL 
BUSINESS FINANCING FACILITY FOR IRAQ.  MACCOTTA NOTED THAT 
WHILE THE GOI WOULD LIKE TO SUPPORT THE DEVELOPMENT OF SMALL- 
AND MEDIUM-SIZED COMPANIES IN IRAQ OVER THE LONGER TERM, 
BUDGET CONSTRAINTS AND POLITICAL PRESSURES WERE FORCING THE 
GOI TO FOCUS ON RECONSTRUCTION PROJECTS THAT CAN YIELD MORE 
IMMEDIATE, TANGIBLE RESULTS FOR ITALY.  ACCORDINGLY, MACCOTTA 
REITERATED, THE GOI WOULD BE UNLIKELY TO CONTRIBUTE TO THE 
FACILITY (REF C). 
 
2. (C) DR. SILVIA ZUCCHINI (STRICTLY PROTECT), A FORMER 
TREASURY EMPLOYEE NOW WORKING AT THE ITALIAN EXPORT CREDIT 
AGENCY SACE, CONFIRMED THAT THE GOI WAS UNLIKELY TO 
CONTRIBUTE TO THE FACILITY, BUT NOTED THAT THE TREASURY HAD 
YET TO MAKE A FINAL DECISION.  IF THE GOI WERE TO DIRECT 
FUNDS TO THE FACILITY, ZUCCHINI NOTED, IT WOULD NOT BE MORE 
THAN EURO 1 MILLION. 
 
3. (U) BAGHDAD MINIMIZE CONSIDERED. 
SEMBLER 
 
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	2004ROME00430 - Classification: CONFIDENTIAL