The Banking Executive Magazine - August 2024 Issue

International Development Bank Etihad Credit Insurance and International Development Bank SIGN COOPERATION AGREEMENT TO SUPPORT ‘XPORT XPONENTIAL’ INITIATIVE 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 Xponen- tial’ initiative. By signing the agree- ment, the bank will join the list of partners of the ‘Xport Xponential’ ini- tiative, launched by ECI in May with the goal of empowering UAE-based companies that operate in the indus- trial, export, and re-export sectors. Her Excellency Raja Al Mazrouei, CEO of Etihad Credit Insurance, said: “This partnership represents a valu- able addition to the ‘Xport Xponen- tial’ 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 opera- tions in the UAE, will be joining the initiative. We are confident that our mutual cooperation will further im- prove trade relations between the two nations.” Dr. Ziad Khalaf Abed Kareem, Chair- man of the Borad of International Development Bank, 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 Interna- tional Development Bank will now offer additional funding opportuni- ties for export and re-export compa- nies in the UAE. The agreement further advances the development of credit solutions by providing busi- nesses with access to the markets of Iraq and CEPA countries. The agree- ment also emphasises the strategic partnership between the two coun- tries, and promotes trade and export routes that link them, especially since the UAE-Iraq trade volume ex- ceeds USD 27 billion annually. No- tably, the International Development Bank has contributed at least10 per cent of the yearly trade between the two nations in just its first two years of operation in the United Arab Emi- rates. Through this agreement, the Interna- tional Development Bank now joins a number of federal and local enti- ties, including the Abu Dhabi De- partment 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 insti- tutions such as the Emirates Devel- opment Bank (EDB), Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank (FAB), Dubai Commer- cial Bank (CBD), Ajman Bank, The National Bank of Ras Al Khaimah (RAKBANK), and Fujairah National Bank (NBF) the BANKING EXECUTIVE 14 ISSUE 188 AUGUST 2024