Etihad Credit Insurance and International Development Bank Collaborate on ‘Xport Xponential’ Initiative
Etihad Credit Insurance (ECI), the UAE's Federal export credit agency, has entered into a cooperation agreement with the International Development Bank (IDB), Iraq's largest banking network. This partnership marks a significant expansion of the ‘Xport Xponential’ initiative, launched by ECI in May, which aims to empower UAE-based companies in the industrial, export, and re-export sectors.
Her Excellency Raja Al Mazrouei, CEO of Etihad Credit Insurance, commented on the partnership: "The inclusion of the International Development Bank in the ‘Xport Xponential’ initiative represents a significant step forward in facilitating trade and economic activities for UAE businesses. The IDB's participation, as the first Iraqi bank operating in the UAE, will enhance trade relations between the two nations."
Dr. Ziad Khalaf Abed Kareem, Chairman of the Board of the International Development Bank, added: "We are committed to strengthening our contributions to the UAE and regional trade landscape. This partnership will encourage businesses in both the UAE and Iraq to leverage the ‘Xport Xponential’ initiative to expand their export and trade operations into new markets."
As a new partner in the initiative, the International Development Bank will offer additional funding opportunities for UAE export and re-export companies. The agreement aims to enhance the development of credit solutions, providing businesses with access to markets in Iraq and Comprehensive Economic Partnership Agreement (CEPA) countries. This collaboration underscores the strategic partnership between the UAE and Iraq, promoting trade routes that connect the two nations. The UAE-Iraq trade volume exceeds USD 27 billion annually, with the International Development Bank contributing at least 10 percent of the yearly trade since it began operations in the UAE two years ago.
The International Development Bank joins a distinguished list of partners in the ‘Xport Xponential’ initiative, including federal and local entities such as 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 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 part of this initiative.
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