TREATIES AND OTHER INTERNATIONAL ACTS SERIES 13-624 ________________________________________________________________________

INVESTMENT GUARANTIES Agreement Between the

UNITED STATES OF AMERICA

and IRAQ

Signed at Amman July 11, 2005

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

Investment Guaranties

Agreement signed at Amman July 11, 2005; Entered into force June 24, 2013.

INVESTMENT INCENTIVE AGREEMENT

BETWEEN

THE GOVERNMENT OF THE UNITED STATES OF AMERICA

AND

THE GOVERNMENT OF THE REPUBLIC OF IRAQ

THE GOVERNMENT OF THE UNITED STATES OF AMERICA and THEGOVERNMENT OF THE REPUBLIC OF IRAQ (the "Parties");

AFFIRMING their common desire to encourage economic activities inthe Republic of Iraq that promote the development of the economicresources and productive capacities of the Republic of Iraq;

ACKNOWLEDGING that diverse forms of assistance and support areimportant to the economic revitalization of the Republic of Iraq; and

RECOGNIZING that the Overseas Private Investment Corporation("OPIC"), a development institution and an agency of the United States ofAmerica, can be instrumental in achieving these objectives through itsprovision of investment insurance, coinsurance and reinsurance, debt andequity investments and investment guaranties;

HAVE AGREED as follows:

ARTICLE 1

As used in this Agreement, the following terms have the meaningsherein provided. The term "Issuer" refers to OPIC and any successoragency of the United States of America, and any agent of either. The term"Investment Support" refers to any debt or equity investment, anyinvestment guaranty and any investment insurance, reinsurance orcoinsurance which is provided by the Issuer (or, in the case of coinsurance,is provided by the Issuer and commercial insurance companies("Coinsurers") under coinsurance arrangements under which the Issuer actsboth for itself and for such Coinsurers) in connection with a project in theterritory of the Republic of Iraq. The term "Taxes" means all present andfuture taxes, levies, imposts, stamps, duties and charges, whether direct orindirect, imposed in the Republic of Iraq and all liabilities with respectthereto.

ARTICLE 2

The Parties confirm their understanding that the Issuer's activities aregovernmental in nature and therefore:

(a) The Issuer shall not be subject to regulation under the laws ofthe Republic of Iraq applicable to insurance or financial organizations, but,in the provision of Investment Support, shall be afforded all rights and haveaccess to all remedies of any such entity, whether domestic, foreign ormultilateral.

(b) The Issuer, all operations and activities undertaken by theIssuer in connection with any Investment Support, and all payments,whether of interest, principal, fees, dividends, premiums or the proceedsfrom the liquidation of assets or of any other nature, that are made, receivedor guaranteed by the Issuer in connection with any Investment Support shallbe exempt from Taxes, whether imposed directly on the Issuer or payable inthe first instance by others. Neither projects receiving Investment Supportnor investors in such projects shall be exempt from Taxes by operation ofthis Article, provided, however, that any Investment Support shall beaccorded tax treatment no less favorable than that accorded to theinvestment support of any other national or multilateral developmentinstitution which operates in the Republic of Iraq. The Issuer shall not besubject to Taxes in connection with any transfer, succession or otheracquisition which occurs pursuant to paragraph (c) of this Article or Article3(a) hereof, but obligations for Taxes previously accrued and unpaid withrespect to interests received by the Issuer shall not be extinguished as aresult of such transfer, succession or other acquisition.

(c) If the Issuer, alone or with a Coinsurer, makes a payment to anyperson or entity, or exercises its rights as a creditor or subrogee, inconnection with any Investment Support, the Republic of Iraq shallrecognize the transfer to, or acquisition by, the Issuer and any Coinsurer ofany cash, accounts, credits, instruments or other assets in connection withsuch payment or the exercise of such rights, as well as the succession of theIssuer and any Coinsurer to any right, title, claim, privilege or cause ofaction existing, or which may arise, in connection therewith.

(d) With respect to any interests transferred to the Issuer or aCoinsurer or any interests to which the Issuer or a Coinsurer succeeds underthis Article, in its own right or otherwise, the Issuer shall assert no greaterrights than those of the person or entity from whom such interests werereceived, provided that nothing in this Agreement shall limit the right of theUnited States to assert a claim under international law in its sovereigncapacity, as distinct from any rights it may have as the Issuer pursuant toparagraph (c) of this Article. No Coinsurer shall be entitled to the benefitsof this Agreement unless it is acting through, or its interests have beenassigned to, the Issuer.

ARTICLE 3

(a) Amounts in the currency of the Republic of Iraq, includingcash, accounts, credits, instruments or otherwise, acquired by the Issuer (orby the Issuer and any Coinsurer) upon making a payment, or upon theexercise of its rights as a creditor, in connection with any InvestmentSupport for a project in the Republic of Iraq, shall be accorded treatment in

the territory of the Republic of Iraq no less favorable as to use andconversion than the treatment to which such funds would have been entitledin the hands of the person or entity from which such amounts were acquired.

(b) Such currency and credits may be transferred to any person orentity and upon such transfer shall be freely available for use by such personor entity in the territory of the Republic of Iraq in accordance with its laws.

ARTICLE 4

(a) Any dispute between the Parties regarding the interpretation orapplication of this Agreement or regarding a claim, in connection with anyproject or activity for which Investment Support has been provided, for aviolation of international law or for loss to the Issuer resulting from awrongful act by the Republic of Iraq should be resolved, insofar as possible,through negotiations between the Parties. If at any time either Partyconsiders that the dispute cannot be resolved through negotiations, it may,upon 90 days notice and without any requirement to exhaust other remedies,submit the dispute to arbitration for a binding decision or award by atribunal in accordance with paragraph (b) of this Article.

(b) The tribunal referred to in paragraph (a) of this Article shall beestablished and shall function as follows:

(i) Unless the Parties agree otherwise, the tribunal shallcomprise three arbitrators, one arbitrator appointed by each Party andthe third, who shall be a citizen of a third state and the presidingarbitrator, appointed by agreement of the Parties. The Party-appointed arbitrators shall be appointed within three months, and thepresiding arbitrator within six months, of the date the dispute issubmitted to arbitration. If the appointments are not made within theforegoing time limits, either Party may, in the absence of any otheragreement, request the Secretary-General of the International Centrefor the Settlement of Investment Disputes to make the necessaryappointment or appointments.

(ii) In the absence of an agreement by the Parties to thecontrary, the UNCITRAL Arbitration Rules shall govern thearbitration, except as modified by the Parties or this Agreement.

(iii) The tribunal shall decide the issues in dispute inaccordance with this Agreement, applicable rules of international lawand, as necessary, relevant rules of applicable municipal law.

(iv) The decision or award of the tribunal shall be made by atleast two of its members, be in writing, and state the reasons on whichit is based.

(v) The decision or award made by the tribunal shall have nobinding force except between the Parties and in respect of the

particular dispute. Each Party shall abide by and comply with theterms of the decision or award without delay.

(vi) Expenses incurred by the arbitrators and the president,and other costs of the proceedings, shall be paid for equally by theParties. In its decision or award, the tribunal may, in its discretion,reallocate expenses and costs between the Parties, including directingthat a higher proportion of the costs be paid by one of the Parties.

ARTICLE 5

(a) This Agreement shall enter into force on the date on which theGovernment of the Republic of Iraq notifies the Government of the UnitedStates of America that all legal requirements for entry into force of thisAgreement have been fulfilled.

(b) Any matter relating to Investment Support provided prior to theentry into force of this Agreement shall be resolved under the terms of thisAgreement.

(c) This Agreement shall continue in force until six months fromthe date of a receipt of a note by which one Party informs the other of itsintent to terminate this Agreement. In such event, the provisions of thisAgreement shall, with respect to Investment Support provided prior to orwhile this Agreement was in force, remain in force so long as suchInvestment Support remains outstanding, but in no case longer than twentyyears after the termination of this Agreement.

IN WITNESS WHEREOF, the undersigned, duly authorized by theirrespective Governments, have signed this Agreement.

DONE at Amman, in duplicate, this 114 day of $ Ls , 2005, in theEnglish and Arabic languages, each text being equally authentic.

FOR THE GOVERNMENT OFTHE UNITED STATES OFAMERICA:

FOR THE GOVERNMENT OFTHE REPUBLIC OF IRAQ:

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