Citigroup Proposes Iraqi Import Program

A $200 million project to help finance Iraqi imports has been proposed by Citigroup Inc. and the U.S. government. The proposed project would use funds guaranteed by the country's oil revenues, a U.S. official has stated.

The proposed venture, led by the U.S. government agency OPIC, would allow pre-selected Iraqi banks to issue letters of credit backed by OPIC and Citigroup.

The goal of the financing plan is to stabilize and lend legitimacy to the Iraqi banking system.