ECI, IDB sign cooperation agreement

Etihad Credit Insurance (ECI), the UAE Federal export credit company, signed a cooperation agreement with the International Development Bank (IDB), the largest banking network in Iraq, to support the ‘Xport Xponential’ initiative. Under the agreement, the bank will join the list of partners of the ‘Xport Xponential’ initiative, launched by ECI in May with the goal of empowering UAE-based companies that operate in the industrial, export, and re-export sectors.

Raja Al Mazrouei, CEO of Etihad Credit Insurance, said, “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, stated, “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 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 $27 billion annually. Notably, the International Development Bank has contributed at least 10 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).