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8/5/24, 9:11 AM ECI, IDB sign cooperation agreement - GulfToday

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. Notably,
the International Development Bank has contributed at least 10 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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