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Press release

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)

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