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ECI, IDB sign cooper a tion agree ment
Gulf Today · 1 Aug 2024
ABU DHABI: Eti had Credit Insur ance (ECI), the UAE Fed eral export credit com pany, signed a
cooper a tion agree ment with the Inter na tional Devel op ment Bank (IDB), the largest bank ing
net work in Iraq, to sup port the ‘Xport Xpo nen tial’ ini ti at ive. Under the agree ment, the bank
will join the list of part ners of the ‘Xport Xpo nen tial’ ini ti at ive, launched by ECI in May with
the goal of empower ing Uae-based com pan ies that oper ate in the indus trial, export, and re-
export sec tors.
Raja Al Maz rouei, CEO of Eti had Credit Insur ance, said, “This part ner ship rep res ents a valu -
able addi tion to the ‘Xport Xpo nen tial’ ini ti at ive, as it sup ports both parties in their e orts to
facil it ate trade and eco nomic activ it ies of busi nesses based in the UAE. It also gives us great
pleas ure to announce that the Inter na tional Devel op ment Bank, the rst Iraqi bank with
oper a tions in the UAE, will be join ing the ini ti at ive. We are con d ent that our mutual cooper -
a tion will fur ther improve trade rela tions between the two nations.”
Dr Ziad Khalaf Abed Kareem, Chair man of the IDB board, stated, “We, at the Inter na tional
Devel op ment Bank, are com mited to fur ther strengthen our pres ence and con tri bu tions to the
UAE’S and the region’s trade and export land scape and help ing build trade chan nels between
the UAE and Iraq mar kets. Our goal is to use this part ner ship to encour age busi nesses in both
nations to cap it al ise on this revolu tion ary ini ti at ive and expand their export and trade oper a -
tions into pre vi ously untapped mar kets.”
As one of the part ners in the ‘Xport Xpo nen tial’ ini ti at ive, the Inter na tional Devel op ment
Bank will now o er addi tional fund ing oppor tun it ies for export and re-export com pan ies in
the UAE. The agree ment fur ther advances the devel op ment of credit solu tions by provid ing
busi nesses with access to the mar kets of Iraq and CEPA coun tries. The agree ment also
emphas ises the stra tegic part ner ship between the two coun tries and pro motes trade and
export routes that link them, espe cially since the UAE-IRAQ trade volume exceeds $27 bil lion
annu ally.
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