Page 54 - ETIHAD CREDIT INSURANCE PR REPORT

Page 54 - ETIHAD CREDIT INSURANCE PR REPORT - JULY 2024

P. 54

8/1/24, 9:42 AM Etihad Credit Insurance and International Development Bank sign cooperation agreement to support ‘Xport Xponential’ initiative

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
contributed at least10 per cent of the yearly trade between the two nations in just its first two years of
operation in the United Arab Emirates.

Through this agreement, the International Development Bank now joins a number of federal and local
entities, including the Abu Dhabi Department of Economic Development (ADDED), Khalifa Fund for
Enterprise Development (KFED), Department of Economy and Tourism in Dubai, Dubai Airport
Freezone (DAFZ), Sharjah Chamber of Commerce and Industry (SCCI), Ajman Economic Development

Department, Ras Al Khaimah Economic Zones (RAKEZ), and Fujairah Department of Industry and
Economy (IEDFUJ), as partners of the ‘Xport Xponential’ initiative. The list also includes financial
institutions such as the Emirates Development Bank (EDB), Abu Dhabi Commercial Bank (ADCB), First
Abu Dhabi Bank (FAB), Dubai Commercial Bank (CBD), Ajman Bank, The National Bank of Ras Al

Khaimah (RAKBANK), and Fujairah National Bank (NBF)