A government-affiliated body said Monday it will underwrite trade insurance for the first time in 14 years for a Japanese firm's export project ordered by an Iraqi state-run company.
Nippon Export and Investment Insurance, an independent administrative body under the jurisdiction of the Ministry of Economy, Trade and Industry, said the Japanese trade and investment insurance system will cover a $887,000 project to export pump parts to repair a thermal plant in Al-Mussiab, south of Baghdad.
It will be the first project ordered by an Iraqi public entity that has been insured under Japan's trade insurance system since the 1990 start of the Gulf War.
Trading firm Tomen Corp. will supply pump parts produced by Ebara Corp. to a state-run enterprise under the Iraqi ministry of electricity.