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ECI And IDB Join Forces To Support 'Xport Xponential'

Initiative For Trade Boost
By OneArabia
Published: Wednesday, July 31, 2024, 14:39 [GST]

Etihad Credit Insurance (ECI), the UAE's federal export credit company, has entered into a cooperation agreement
with the International Development Bank (IDB), Iraq's largest banking network. This partnership aims to support the
'Xport Xponential' initiative, which was launched by ECI in May to empower UAE-based companies in the industrial,
export, and re-export sectors.
Raja Al Mazrouei, CEO of Etihad Credit Insurance, expressed enthusiasm about the collaboration. "This partnership
represents a valuable addition to the ‘Xport Xponential’ initiative, as it supports both parties in their efforts to
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 bank with 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."

The agreement highlights a strategic partnership between the UAE and Iraq, promoting trade and export routes that
connect them. The annual trade volume between these two countries exceeds US$27 billion. The IDB has
significantly contributed to this trade volume by accounting for at least 10 percent of it within its first two years of
operation in the UAE.
Dr. Ziad Khalaf Abed Kareem, Chairman of the IDB Board, emphasised their commitment to enhancing trade ties.
"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 part of this agreement, IDB will offer additional funding opportunities for export and re-export companies based in
the UAE. This move is expected to advance credit solutions development by providing businesses access to markets
in Iraq and CEPA countries.
The inclusion of IDB as a partner in 'Xport Xponential' is seen as a significant step towards facilitating economic
activities for UAE-based businesses. This collaboration aims to create new opportunities for companies looking to
expand their operations into new markets.

https://www.onearabia.me/local/eci-idb-partnership-boosts-uae-iraq-trade-011-57589.html