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8/1/24, 9:41 AM ECI, IDB sign cooperation agreement to support ‘Xport Xponential’ initiative | Emirates News Agency

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ECI, IDB sign cooperation agreement to support ‘Xport Xponential’ initiative
Wednesday, July 31, 2024 2:34 PM2 minutes Reading

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ABU DHABI, 31st July, 2024 (WAM) -- Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a cooperation agreement with the International Develop
(IDB), the largest banking network in Iraq, to support the ‘Xport Xponential’ initiative. Under the agreement, the bank will join the list of partners of the ‘Xport Xponential’ initiat
launched by ECI in May with the goal of empowering UAE-based companies that operate in the industrial, export, and re-export sectors.
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
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 ba
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 IDB board, stated, “We, at the International Development Bank, are committed to further strengthen our presence and contribu
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 bus
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 companie
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 al
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 US
annually. Notably, the International Development Bank has contributed at least 10 percent of the yearly trade between the two nations in just its first two years of operation in
Arab Emirates.

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