TREATIES AND OTHER INTERNATIONAL ACTS SERIES 17-118

________________________________________________________________________

FOREIGN ASSISTANCE

ECONOMIC COOPERATION

Loan Guarantee

Agreement Between the 

UNITED STATES OF AMERICA

and IRAQ

Signed at Baghdad January 5, 2017 

with

Annex
 NOTE BY THE DEPARTMENT OF STATE

 Pursuant to Public Law 89—497, approved July 8, 1966

(80 Stat. 271; 1 U.S.C. 113)—

“. . .the Treaties and Other International Acts Series issued

under the authority of the Secretary of State shall be competent

evidence . . . of the treaties, international agreements other than

treaties, and proclamations by the President of such treaties and

international agreements other than treaties, as the case may be, 

therein contained, in all the courts of law and equity and of maritime

jurisdiction, and in all the tribunals and public offices of the

United States, and of the several States, without any further proof

or authentication thereof.”
 IRAQ

 Foreign Assistance Economic Cooperation:

 Loan Guarantee

 Agreement signed at Baghdad January 5, 2017;

 Entered into force January 18, 2017.

 With annex.
Version from January 4, 2017 

LOAN GUARANTEE AGREEMENT 

BETWEEN 

THE UNITED STATES OF AMERICA 

AND 

THE REPUBLIC OF IRAQ 

This Agreement ("Agreement") is between the United States of 

America (the "United States") and the Republic ofIraq ("Iraq" or the 

"Borrower") (together the "Parties"). 

ARTICLE I. Purpose 

The United States, acting through the United States Agency for 

International Development ("USAID"), plans to provide guarantees ("Loan 

Guarantees" or "Guarantees") for certain payment obligations ofIraq with 

regard to new debt that Iraq is expected to incur. This guarantee assistance 

program is intended to reinforce Iraq's economic reform program, as 

supported by the International Monetary Fund and USAID, support Iraq's 

continued access to the capital markets, and provide external financing to 

Iraq at affordable rates. The purpose ofthis Agreement is to set forth the 

rights and obligations ofthe Parties with respect to the guarantee assistance 

program described herein. 

ARTICLE II. The Guarantee 

Section 2.01. Guarantee Obligations. Subject to the terms herein, 

USAID shall issue Guarantees with respect to the payment obligations ofthe 

Borrower for Eligible Notes (as defined in Section 2.02 below). The 

Guarantees shall guarantee one hundred percent (100%) ofthe Borrower's 

repayment of principal under Eligible Notes in an amount not to exceed an 

aggregate principal amount of one billion United States Dollars (U.S. 

$1,000,000,000) together with interest due thereon, for a period up to five 

1 

(5) years ("Maximum Term") from the date of issuance. The Guarantees 

shall be issued in accordance with the Further Continuing and Security 

Assistance Appropriations Act, 2017 (P.L. 114-254), which President 

Obama signed into law on December 10, 2016. The Guarantees, if and 

when issued, would constitute, as a matter of domestic U.S. law, obligations 

ofthe United States, and the full faith and credit ofthe United States would 

be pledged for the full payment and performance of such Guarantee 

obligations. The standard terms and conditions ofthe Guarantees to be 

issued shall be mutually agreed upon and published by the United States in 

Title 22, Chapter II, of the United States Code of Federal Regulations for the 

benefit of the holders of Eligible Notes as defined in Section 2.02 

("N oteholders"). 

Section 2.02. Eligible Notes and Terms. "Eligible Notes" are United 

States Dollar-denominated notes or bonds issued by the Borrower: (a) for 

the purposes of the guarantee assistance program described in Article I of 

this Agreement; (b) purchased by "Eligible Underwriters," as defined in 

Section 2.03; and (c) under such terms and conditions, documents and 

agreements as are in form and substance mutually agreed upon by USAID, 

the Eligible Underwriters and the Borrower, including, without limitation, 

offering circulars, note purchase or underwriting agreements, global notes 

and a fiscal agency agreement (such agreements in their final definitive form 

being referred to herein as the "Debt Agreements"). 

Except as otherwise agreed in writing by the Parties, Eligible Notes 

shall have a maturity of no more than the Maximum Term with interest paid 

on a regular basis and principal paid at maturity. 

Section 2.03. Eligible Underwriters. Except as otherwise agreed in 

writing by the Parties, "Eligible Underwriters" are those institutions that: (a) 

purchase Eligible Notes directly from the Borrower with a view toward 

distribution to investors; (b) maintain a principal place of business in the 

United States and are subject to regulation under the laws ofthe United 

States (including registration as broker-dealers under the Securities 

Exchange Act of 1934, as amended, and membership in the Financial 

Industry Regulatory Authority); and ( c) are financially capable of serving as 

2 

an underwriter for the issuance of Eligible Notes. The costs for the services 

of Eligible Underwriters shall be paid by the Borrower and may be paid 

from the proceeds ofthe Eligible Notes made available at the issuance of the 

Eligible Notes (the "Closing Date"). 

Section 2.04. Installments. Except as otherwise agreed in writing by 

the Parties, Eligible Notes and the Guarantees shall be issued in one (1) 

installment. 

Section 2.05. Final Date for Borrowing. The Guarantees shall be 

issued at the same time as the issuance ofthe Eligible Notes and shall be 

evidenced on the reverse side ofthe global notes evidencing the Eligible 

Notes. Unless otherwise agreed by the Parties in writing, the Closing Date 

shall be no later than thirty (30) days after the entry into force ofthis 

Agreement. 

ARTICLE III. Fiscal Agent 

The fiscal agent for the Borrower shall be selected by Iraq and 

approved by USAID in writing and shall perform its duties pursuant to the 

terms of a fiscal agency agreement that is agreed to by the Borrower, the 

fiscal agent and USAID. The costs for such services shall be paid by the 

Borrower and may be paid from the proceeds of the Eligible Notes made 

available at the Closing Date. 

ARTICLE IV. Conditions Precedent 

Section 4.01. Borrower's Conditions Precedent. Except as otherwise 

agreed by USAID in writing, prior to the issuance ofthe Guarantees the 

following must have occurred: 

(a) 	 Programmatic Conditions. The programmatic conditions 

precedent set forth in the Annex must have been satisfied, and 

Iraq must have provided to USAID all material, in form and 

substance satisfactory to USAID, necessary for the United 

States to determine that such programmatic conditions 

precedent have been satisfied at least ten (10) days prior to the 

3 

commencement of marketing of the Eligible Notes (the 

"Marketing Date"). 

(b) 	 Procedural Requirements and Documentation. No later than the 

day before the Marketing Date, the Borrower must have 

delivered, in form and substance satisfactory to USAID, the 

following: 

(i) 	 the final form of a legal opinion addressed to USAID 

from the Director General ofthe Legal Department ofthe 

Ministry of Finance attesting to the validity and 

enforceability of the Debt Agreements and related 

agreements, if any, and stating that such agreements have 

been duly authorized, executed and delivered and 

constitute legal, valid and binding obligations of the 

Borrower; 

(ii) 	 the final form ofthe Debt Agreements, all documents 

required by the terms ofthe Debt Agreements, and any 

related agreements to satisfy the conditions precedent 

therein, except the final pricing will be completed after 

the Marketing Date; 

(iii) 	 a statement of the names of the persons holding the 

offices specified in Section 6.06 and those of any 

additional representatives, together with a specimen 

signature of each person so designated; and 

(iv) 	 such other documents and representations as USAID may 

reasonably request with respect to the transactions 

contemplated by this Agreement. 

Section 4.02. United States' Conditions Precedent. Except as 

otherwise agreed by Iraq in writing, upon or prior to the issuance of the 

Guarantees, USAID must have delivered, in form and substance satisfactory 

to the Borrower and/or the Eligible Underwriters, such documents, 

certificates and opinions as may be reasonably required by the Debt 

Agreements. 

4 

Section 4.03. Satisfaction of Conditions Precedent and Notification. 

The issuance ofthe Guarantees shall be subject to the satisfaction of the 

conditions precedent consistent with the terms set forth in Sections 4.01 and 

4.02 above, and, prior to the Closing Date, USAID shall provide the 

Borrower with written notification that the United States has determined that 

the conditions in the Annex have been satisfied and that the issuance ofthe 

Guarantees can proceed. 

ARTICLE V. Special Covenants 

Section 5.01. Reimbursement and Subrogation. The Borrower agrees 

that if USAID makes any payment on the Borrower's behalf to or for the 

benefit of the Noteholders pursuant to the Guarantees, whether or not the 

Noteholders have applied to USAID for such payment and whether or not a 

default has occurred or is continuing under the terms ofthe Debt 

Agreements, the Borrower shall promptly reimburse USAID for such 

payment. USAID shall promptly inform the Borrower of any such payment. 

If(i) USAID makes any such payment described above and the 

Borrower has not repaid USAID that full amount within thirty (30) days of 

USAID making such payment; or (ii) the Borrower informs USAID that it 

does not intend to service the Debt Agreements in full, USAID has the right, 

but not the obligation, without prior notice to the Borrower or the 

Borrower's consent, to accelerate the debt owed to USAID by the Borrower 

under the Debt Agreements as ifthe Borrower had defaulted on all future 

payments due under the Debt Agreements. IfUSAID exercises this right, 

the net present value of all unpaid (including future) principal and interest 

payments due under the Debt Agreements shall be immediately due and 

payable to USAID on the date USAID notifies the Borrower in writing that 

USAID is exercising this right and, in return, USAID shall assume the 

obligation to make all further payments due to the fiscal agent under the 

Debt Agreements. Interest shall begin accruing immediately on the amount 

owed to USAID at a reasonable rate provided by USAID in its notice of 

acceleration. The interest rate shall be in the sole discretion ofUSAID, but 

shall not be less than the applicable U.S. Treasury rate used to calculate the 

net present value and shall not be greater than one hundred (100) basis 

5 

points above the applicable U.S. Treasury rate. The United States shall 

calculate the net present value using the applicable U.S. Treasury rate. 

In the event of a default, USAID shall become subrogated to all the 

rights of the Noteholders against the Borrower in respect of the relevant 

payment. 

Section 5.02. Late Payment Charge. In the event USAID makes 

payments on behalf ofthe Borrower under the Guarantees, a late payment 

charge shall accrue on all such amounts paid by USAID. This late payment 

charge shall accrue to USAID under the same terms and conditions as late 

payment charges due the Noteholders, as such charges are prescribed in the 

Eligible Notes. The late payment charge includes interest and may include 

other charges prescribed in the Eligible Notes. 

Section 5.03. Use ofProceeds. The Borrower shall not use the 

proceeds from the issuance of Eligible Notes for military or paramilitary 

purposes. 

ARTICLE VI. General Provisions 

Section 6.01. Consultation. The Parties shall cooperate to ensure that the 

purpose ofthis Agreement is accomplished. With respect to matters relating 

to the selection ofEligible Underwriters and the fiscal agent referred to in 

Article III, the issuance ofEligible Notes, and the Debt Agreements and 

related matters, the Parties shall consult through their representatives 

identified in Section 6.06. 

Section 6.02. Reports, Books and Records, Audit and Review. The 

Borrower shall, so long as the Eligible Notes shall be outstanding, or any 

claim under the Guarantees is outstanding, and for a period ofthree (3) years 

thereafter: 

(a) 	 furnish to the United States such information and reports relating 

to the Eligible Notes, the Debt Agreements, the Guarantees and 

this Agreement as may be reasonably requested; 

(b) 	 maintain, in accordance with generally accepted accounting 

6 

principles and practices consistently applied by the government 

of Iraq, books and records relating to the Eligible Notes, the 

Debt Agreements, and this Agreement. Such books and records 

shall be reviewed by the Board of Supreme Audit ofIraq to the 

extent provided in the applicable laws of Iraq; and 

(c) 	 afford authorized representatives of the United States the 

opportunity at all reasonable times to review such books, records 

and other documents described in this section. 

Section 6.03. Other Payments. The Borrower affirms that no payments 

or other benefits have been received and agrees that none shall be received by 

any official ofthe Borrower in connection with the procurement of goods or 

services financed under the Eligible Notes except fees, taxes or similar 

payments legally required in the territory of the Borrower. 

Section 6.04. Remedies. The United States may suspend or terminate 

the issuance of Guarantees not yet issued after providing notice to the 

Borrower, taking into account the Parties' preference for resolving any issues 

through diplomatic efforts, if the United States determines: 

(a) 	 that the terms of this Agreement have been breached by Iraq; 

(b) 	 that the conditions precedent for issuing Guarantees set forth in 

Section 4.01 of this Agreement or any Annex hereto have not 

been satisfied or are no longer satisfied; 

(c) 	 that Iraq has defaulted on or restructured any debt owed to or 

guaranteed by the United States, the International Monetary 

Fund, or the International Bank for Reconstruction and 

Development; 

(d) 	 there has been, after the date of signature ofthis Agreement, an 

extraordinary transition from, the constitutional Republic of Iraq 

as it exists on the date of signature of this Agreement. 

The issuance of any Guarantee by USAID, the payment by USAID to 

the Noteholders of any amounts pursuant to any Guarantee, the delay or 

7 

failure ofUSAID to make any claim for payment, or the delay or failure of 

USAID to give its written approval to any acceleration of debt by the 

Noteholders (if such a right of acceleration is provided for in the Eligible 

Notes) shall not operate as a waiver by USAID of any rights accruing to 

USAID under this Agreement, the Debt Agreements or any Guarantee. 

Section 6.05. Implementation Letters. USAID may from time to time 

issue implementation letters further describing applicable procedures 

concerning its implementation of this Agreement, or recording the agreement 

of the Parties on details of implementation of this Agreement 

("Implementation Letters"). For the avoidance of doubt, no such 

Implementation Letters shall affect the rights and obligations ofthe Parties 

hereunder without their express written consent. 

Section 6.06. Representatives. 

(a) For purposes relevant to the implementation ofthe technical and 

financial aspects ofthis Agreement, the Borrower shall be represented by the 

individual holding or acting in the office of the Director General of the 

Public Debt Department at the Ministry ofFinance of Iraq, and the United 

States shall be represented by the individual holding the position of or acting 

as the USAID Mission Director in Iraq. 

(d) Each Party, by written notice, may designate additional 

representatives. Either Party may accept as authorized any instrument signed 

by such representatives of the other Party in implementation of this 

Agreement, until receipt of written notice of revocation oftheir authority. 

Section 6.07. Communications. Any notice, request, document or 

other communication submitted by either Party to the other Party under this 

Agreement shall be in writing or by telegram or cable, and shall refer to the 

Iraq/ USAID Loan Guarantee number. All communications shall be in 

English, unless the Parties agree otherwise in writing, and shall be deemed 

duly given or sent when delivered to such Party at the following addresses: 

To the Borrower: 

Ministry ofFinance of Iraq 

8 


NOTE: It appears that Section 6.06.(d) may have been intended to be read as Section 6.06(b).
Al- Uloom District 


Bab Al Mu'azzam/ Near Mohammed Al Qasim Highway 


Baghdad, Republic of Iraq 


To the United States: 

United States Agency for International Development 

Office ofDevelopment Credit, Room 2.10 

1300 Pennsylvania Avenue, N.W. 

Washington, D.C. 20523 

with a copy to: 

United States Agency for International Development 

Embassy ofthe United States ofAmerica 

Al Kindhi Street, International Zone 

Baghdad 

Republic ofIraq 

Section 6.08. Taxation and Duties. This Agreement, the Eligible 

Notes, including interest on those Eligible Notes, and the proceeds therefrom 

shall be free from any taxation or fees imposed under laws in effect in Iraq 

now or in the future. 

Section 6.09. Annex. The Annex to this Agreement constitutes an 

integral part of this Agreement. 

ARTICLE VII. Entry into Force 

This Agreement shall enter into force on the date ofthe later 

notification in an exchange of written notifications in which the Parties 

notify each other that their respective domestic legal requirements for entry 

into force ofthe Agreement have been fulfilled. To implement this section, 

Iraq shall initiate the exchange of written notifications such that the 

Agreement would enter into force on the date of the written notification by 

the United States. 

9 

DONE at Baghdad, this 5th day of January, 2017, in duplicate, in the English 

and Arabic languages, both texts being equally authentic. 

FOR THE UNITED STATES OF FOR THE REPUBLIC OF IRAQ: 

AMERICA: 

~~-~ 

Signature Signature 

Dr. Brooke Isham Dr. Fadhil N abee Othman 

USAID/Iraq Mission Director Deputy Minister of Finance 

10 

ANNEX 

TO THE 

LOAN GUARANTEE AGREEMENT 

BETWEEN THE UNITED STATES OF AMERICA AND 

THE REPUBLIC OF IRAQ: 

Whereas this Agreement is intended by the Parties to support 

economic reform that will help revitalize economic activity and broaden 

economic opportunities for Iraqi citizens; and 

Recognizing that Loan Guarantees issued under this Agreement would 

have the greatest effect ifthey were part of a broader reform initiative 

coordinated by Iraq; 

The following economic reform conditions address expected reforms 

in the areas of a sustainable macroeconomic framework, payment of arrears 

for fuel stock for electricity generation, fiscal transparency, fiscal 

decentralization, improvement of central bank supervision, as well as an 

Iraqi commitment to issue unenhanced debt internationally. As provided in 

Section 4.0l(a) ofthe Agreement, except as otherwise agreed by USAID in 

writing, these conditions must have been satisfied at least ten (10) days 

before the Marketing Date. 

1. 	 Iraq shall implement the economic reforms and prior actions 

necessary to obtain IMF Board approval for the first review of its 

Stand-By Arrangement. Iraq shall provide the United States with all 

macro-fiscal data required for submission to the IMF and shall 

commit in writing to remain in compliance with the Stand-By 

Arrangement. 

2. Recognizing the important role the State-owned Basrah Gas Company 

plays in producing feedstock for electricity generation for more than 

eleven million Iraqi homes, reducing wasteful gas flaring, and limiting 

reliance on expensive imported gas and petroleum fuels for electricity 

generation, and the need for Basrah Gas Company to receive 

11 

payments for its services to continue to meet the energy needs of the 

Iraqi people, Iraq shall pay arrears to the Basrah Gas Company, as 

specified in the Memorandum of Economic and Financial Policies 

agreed to by Iraq as part of its Stand-By Arrangement with the IMF. 

3. 	 In line with the State Department 2016 Fiscal Transparency Report 

and the IMF Memorandum ofEconomic and Financial Policies, Iraq 

shall promote government financial transparency through publication 

of budget information. In support of budget transparency, Iraq shall 

post on the Ministry of Finance's website the Ministry's draft 2017 

budget upon submission to the Council of Representatives (COR) and 

the most recent budget audit conducted by the Board of Supreme 

Audit (BSA). Iraq, acting through the Council ofMinisters, shall 

issue a decree that commits to annually publishing draft budgets and 

budget audits online. 

4. 	 Iraq, acting through the Council ofMinisters, shall commit to 

implement the proposed World Bank Public Financial Management 

(PFM) Institutional Development and Capacity Building project. Iraq 

shall provide a letter from the Ministry of Finance to USAID 

confirming the approval ofthe program. In support of strengthened 

PFM, Iraq shall also issue instructions to the government bank 

branches in the Provinces to recognize and exercise oversight ofbank 

accounts, as was recommended by the Prime Minister's High 

Commission for Coordinating among the Provinces in a letter of July 

11, 2016. Iraq shall provide to USAID: (i) a copy ofthe instructions 

that the Ministry of Finance issued to the bank branches in the 

Provinces and (ii) evidence confirming that the appropriate 

authorities, including the Board of Supreme Audit, Ministry of 

Finance, or others as appropriate, will recognize and oversee such 

accounts. 

5. 	 As agreed to in the IMF Memorandum on Economic and Financial 

Policies, Iraq, acting through the Central Bank of Iraq (CBI), shall 

12 

strengthen banking supervision operations. Iraq, acting through the 

Central Bank Governor, shall provide to USAID a plan focused on 

strengthening the CBI' s supervision regime, including potential 

reforms identified by the CBI to consolidate the exchange house 

sector. The plan shall identify steps to strengthen the CBI's 

compliance oversight capacity in the Iraqi financial sector, including 

assessments of anti-money laundering and countering the financing of 

terrorism (AML/CFT) controls. Iraq, acting through the Central Bank 

Governor, shall provide to USAID a letter confirming that CBI has 

adopted risk-based inspection procedures for Iraqi financial 

institutions as well as options to address the consolidation of the 

exchange house sector. 

6. 	 Iraq shall provide to USAID a letter from the Ministry of Finance in 

which Iraq commits to issue unenhanced sovereign bonds issued 

internationally in parallel with this U.S. guaranteed issuance. For 

purposes of the foregoing, "in parallel with" means no later than four 

months after the U.S. guaranteed issuance. The letter shall specify 

the underwriters and legal counsel selected to handle the transaction 

and include a notional timeline, size, and maturity for such issuance. 

13 

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