Page 63 - ETIHAD CREDIT INSURANCE PR REPORT - JULY 2024_Neat

8/1/24, 9:45 AM Latest News
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)

- ends -

https://www.arabbnews.com/english/Latest-News.asp?id=17568 2/2