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8/5/24, 9:11 AM Etihad Credit Insurance signs Iraq Cooperation Agreement | Iraq Business News

Etihad Credit Insurance signs Iraq Cooperation Agreement

5th August 2024 in Iraq Banking & Finance News, Iraq Industry & Trade News
By John Lee.

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.

By signing the agreement, the bank will join the list of partners of the 'Xport Xponential'
initiative, launched by ECI in May with the goal of empowering UAE-based companies that
operate in the industrial, export, and re-export sectors.

Her Excellency Raja Al Mazrouei, CEO of Etihad Credit Insurance, 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
be joining the initiative. We are confident that our mutual cooperation will further
improve trade relations between the two nations."

Dr. Ziad Khalaf Abed Kareem, Chairman of the Borad of International Development
Bank, stated:

"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 International Development
Bank will now offer additional funding opportunities for export and re-export companies in
the UAE. 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 USD 27 billion annually. Notably, the International Development Bank has

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