Etihad Credit Insurance (ECI), the UAE’s federal export credit company, has signed a cooperation agreement with the International Development Bank (IDB), Iraq’s largest banking network, to bolster the ‘Xport Xponential’ initiative. This collaboration adds the IDB to the roster of partners supporting the initiative, which ECI launched in May to empower UAE-based companies in the industrial, export, and re-export sectors.
Her Excellency Raja Al Mazrouei, CEO of Etihad Credit Insurance, expressed her enthusiasm about the partnership, stating, “This collaboration significantly enhances the ‘Xport Xponential’ initiative, aiding both organizations in facilitating trade and economic activities for businesses based in the UAE. We are also delighted to welcome the International Development Bank, the first Iraqi bank operating in the UAE, to this initiative. We are confident that our combined efforts will strengthen trade relations between the two countries.”
Dr. Ziad Khalaf Abed Kareem, Chairman of the Board of International Development Bank, highlighted the bank’s commitment to enhancing trade channels between the UAE and Iraq. He remarked, “At the International Development Bank, we are dedicated to bolstering our presence and contributions to the trade and export sectors of the UAE and the region. This partnership aims to encourage businesses in both nations to leverage this innovative initiative and expand their export and trade activities into new markets.”
As a partner of the ‘Xport Xponential’ initiative, the International Development Bank will provide additional funding opportunities for export and re-export companies in the UAE. The agreement advances the development of credit solutions by giving businesses access to markets in Iraq and CEPA countries. It also highlights the strategic partnership between the UAE and Iraq, promoting trade routes that link the two nations, especially given the UAE-Iraq trade volume exceeds USD 27 billion annually. Remarkably, the International Development Bank has facilitated at least 10 percent of this trade in its first two years of operation in the UAE.
With this agreement, the International Development Bank joins a network of federal and local entities supporting the ‘Xport Xponential’ initiative. These entities include 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). 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) are also partners of the initiative.
