Page 45 - ETIHAD CREDIT INSURANCE PR REPORT - JULY 2024_Neat

8/2/24, 1:09 PM Etihad Credit Insurance and International Development Bank sign cooperation agreement to support ‘Xport Xponential’ initiative
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)

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