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8/5/24, 9:12 AM Etihad Credit Insurance and International Development Bank Partner to Boost UAE Exports Through ‘Xport Xponential’ Initiative

Etihad Credit Insurance and International Development B

Partner to Boost UAE Exports Through ‘Xport Xponenti

Initiative

03/08/2024 1 minute read

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. Under 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.

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 IDB board, 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 $27 billion annually.

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