Page 29 - ETIHAD CREDIT INSURANCE PR REPORT - JULY 2024

8/5/24, 9:11 AM Etihad Credit Insurance and International Development Bank of Iraq join hands for Xport Xponential initiative | Corporate-news – Gulf…
Dubai: Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a

cooperation agreement with the International Development Bank (IDB), the largest

banking network in Iraq, to support the ‘Xport Xponential’ initiative. With this, the
bank will join the list of partners of the ‘Xport Xponential’ initiative, launched by ECI in

May to empower UAE-based companies that operate in the industrial, export, and re-

export sectors, the company said in a media release.

Raja Al Mazrouei, CEO of ECI, said, “This partnership represents a valuable addition to

the ‘Xport Xponential’ initiative, as it supports both parties in their efforts to facilitate

trade and economic activities of businesses based in the UAE. It also gives us great
pleasure to announce that the International Development Bank, the first Iraqi bank

with operations in the UAE, will join the initiative. We are confident that our

cooperation will further improve trade relations between the two nations.”

Dr. Ziad Khalaf Abed Kareem, Chairman of the Board of International Development

Bank, said, “We at the International Development Bank are committed to further

strengthen our presence and contributions to the UAE's and the region’s trade and

export landscape and helping build trade channels between the UAE and Iraq markets.

Our goal is to use this partnership to encourage businesses in both nations to capitalise
on this revolutionary initiative and expand their export and trade operations into

previously untapped markets.”

As one of the partners in the ‘Xport Xponential’ initiative, the IDB will now offer
additional funding opportunities for export and re-export companies in the UAE,

according to the media release. The agreement further advances the development of

credit solutions by providing businesses with access to the markets of Iraq and CEPA

countries. The agreement also emphasises the strategic partnership between the two
countries and promotes trade and export routes that link them, especially since the

UAE-Iraq trade volume exceeds $27 billion annually. Notably, IDB has contributed at

least 10 per cent of the yearly trade between the two nations in just its first two years of

operation in the United Arab Emirates, according to the media release.

Through this agreement, IDB now joins several federal and local entities, including the

Abu Dhabi Department of Economic Development (ADDED), Khalifa Fund for

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