Etihad Credit Insurance (ECI), the Federal Export Credit Company of the United Arab Emirates, has announced that it has signed a cooperation agreement with the International Development Bank (IDB).
Publish dateThursday 1 August 2024 - 00:03
According to the signed agreement, the bank joins the list of partners of the 'Xport Xponential' initiative launched by ECI in May with the aim of empowering UAE-based companies in the industrial, export and re-export sectors.
As one of the partners of the Xport Xponential initiative, the International Development Bank is now offering more financing opportunities for export and re-export companies in the UAE.
This agreement furthers the development of credit solutions by providing business access to the markets of Iraq and CEPA countries.
The agreement also emphasizes the strategic partnership between the two countries and the promotion of trade and export routes that connect them, especially since the volume of trade between the UAE and Iraq is more than 27 billion dollars annually.
It is worth noting that, in the first two years of its operation in the United Arab Emirates, the International Development Bank has provided at least 10% of the annual trade between the two countries.
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Source : news agency wam
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