Etihad Credit Insurance (ECI), the UAE Federal export credit company, and International Development Bank (IDB), Iraq’s largest banking network, have entered into a partnership to support the ‘Xport Xponential’ initiative.
The ECI’s Xport Xponential initiative was launched in May with an aim to empower UAE based companies operating in the industrial, export and re-export sectors. With this agreement, IDB will join the list of partners of the “Xport Xponential”.
As a partner, IDB will provide financial opportunities for export and re-export companies in the UAE. By opening up access to markets of Iraq and CEPA countries, this agreement promotes the development of credit solutions.
Raja Al Mazrouei, CEO – Etihad Credit Insurance
“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.”
Dr. Ziad Khalaf Abed Kareem, Chairman of the IDB board, commented that, “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 capitalize on this revolutionary initiative and expand their export and trade operations into previously untapped markets.”
The agreement also highlights the strategic partnership between the UAE and Iraq, boosting trade and export routes that connect them. The annual UAE-Iraq trade exceeds $27 billion. The IDB has significantly contributed to this trade volume, accounting for at least 10 percent of the yearly trade in the first two years of its operation in the UAE.
