Etihad Credit Insurance and International Development Bank of Iraq join forces on Xport Xponential initiative

Dr. Ziad Khalaf Abed Kareem, Chairman of the Board of the International Development Bank, said: “We at the International Development Bank are committed to further strengthening our presence and contribution to the trade and export landscape of the UAE and the region and to helping build trade channels between the UAE and Iraqi markets. Our aim is to use this partnership to encourage businesses in both countries to leverage 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 IDB will now offer additional financing opportunities for export and re-export companies in the UAE, according to a press release. The agreement further enhances the development of credit solutions, providing businesses with access to Iraqi and CEPA markets. The agreement also highlights the strategic partnership between the two countries and promotes trade and export routes between them, especially as the volume of trade between the UAE and Iraq exceeds $27 billion annually. Remarkably, the IDB has contributed at least 10 percent of the annual trade between the two nations in just the first two years of its operations in the UAE, according to the press release.

With this agreement, IDB now joins several federal and local entities, including Abu Dhabi Department of Economic Development (ADDED), Khalifa Fund for Entrepreneurship Development (KFED), Dubai Department of Economy and Tourism, Dubai Airport Free Trade Zone (DAFZ), Sharjah Chamber of Commerce and Industry (SCCI), Ajman Department of Economic Development, Ras Al Khaimah Economic Zones (RAKEZ) and Fujairah Department of Industry and Economy (IEDFUJ), as partners in the “Xport Xponential” initiative. 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 on the list.