ECI And IDB Join Forces To Support 'Xport Xponential' Initiative For Trade Boost

Etihad Credit Insurance (ECI), the UAE's federal export credit company, has entered into a cooperation agreement with the International Development Bank (IDB), Iraq's largest banking network. This partnership aims to support the 'Xport Xponential' initiative, which was launched by ECI in May to empower UAE-based companies in the industrial, export, and re-export sectors.

Raja Al Mazrouei, CEO of Etihad Credit Insurance, expressed enthusiasm about the collaboration. "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."

The agreement highlights a strategic partnership between the UAE and Iraq, promoting trade and export routes that connect them. The annual trade volume between these two countries exceeds US$27 billion. The IDB has significantly contributed to this trade volume by accounting for at least 10 percent of it within its first two years of operation in the UAE.

Dr. Ziad Khalaf Abed Kareem, Chairman of the IDB Board, emphasised their commitment to enhancing trade ties. "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 part of this agreement, IDB will offer additional funding opportunities for export and re-export companies based in the UAE. This move is expected to advance credit solutions development by providing businesses access to markets in Iraq and CEPA countries.

The inclusion of IDB as a partner in 'Xport Xponential' is seen as a significant step towards facilitating economic activities for UAE-based businesses. This collaboration aims to create new opportunities for companies looking to expand their operations into new markets.

This partnership not only strengthens economic ties but also provides a platform for businesses from both nations to explore new avenues for growth. By leveraging this initiative, companies can enhance their export capabilities and tap into previously unexplored markets.

The cooperation between ECI and IDB underscores a shared vision of fostering robust trade relations between the UAE and Iraq. This strategic alliance is poised to benefit businesses by offering them enhanced financial support and market access.

The 'Xport Xponential' initiative continues to gain momentum with new partners like IDB joining forces with ECI. This collaboration is expected to drive significant growth in trade activities between the two countries.

This agreement marks a pivotal moment for both ECI and IDB as they work together towards achieving common goals. The focus remains on empowering businesses through innovative solutions that facilitate seamless trade operations.

The ongoing efforts by ECI and IDB reflect a commitment to strengthening bilateral relations while supporting economic development across both regions. By working together, they aim to create a more dynamic and interconnected business environment.

This collaboration is set to pave the way for increased economic cooperation between the UAE and Iraq. Businesses from both countries stand to benefit from enhanced support systems designed to boost their competitive edge in global markets.

With inputs from WAM