NO. 19


Financial and Banking News

Loans & Issues

Iraq, Italy Agree on BNL Loans

The Iraqi Government has reached agreement with Italy's Banca Nazionale delLavoro (BNL) over how to treat $2.87bn worth of credits issued by BNL's branchin Atlanta, USA. Under the terms of the deal reached last month, BNL will notprevent the release of $605mn worth of signed but undisbursed letters ofcredit and has agreed to legitimize $2.16bn worth of credits which wereguaranteed by the...