§ Mr. MealeTo ask the Chancellor of the Duchy of Lancaster what is the current rating of Iraq in respect of the export credit guarantee scheme; what consideration is being given to increasing cover to Iraq; and if he will make a statement.
§ Mr. Alan ClarkECGD cover for Iraq is presently available for United Kingdom exports ranging from consumer goods and raw materials to capital goods and projects.
The United Kingdom/Iraq financial protocol, negotiated on an annual basis, governs the level of support for contracts eligible for extended credit terms. The last protocol was signed by the Chancellor of the Duchy of Lancaster in November 1988. This provided additional United Kingdom credits of £340 million for contracts placed in 1989. These facilities have yet to be utilised and no further increase in support is presently being considered.