Page 47 - ETIHAD CREDIT INSURANCE PR REPORT - JULY 2024

ECI, IDB sign cooperation agreement to support ‘Xport Xponential’ initiative

• BY Content Admin

ABU DHABI, 31st July, 2024 (WAM) — 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 Borad, 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 US$27 billion annually. Notably, the
International Development Bank has contributed at least 10 percent of the yearly trade between the
two nations in just its first two years of operation in the United Arab Emirates.

https://totaluae.com/posts/emirates/eci-idb-sign-cooperation-agreement-to-support-xport-
xponential-initiative/