IRAN NEWS ECONOMIC DESK

TEHRAN – Export Guarantee Fund of Iran (EGFI) has been ranked first in terms of performance among the region’s Islamic funds for the second time, the EGFI head said.

According to Afrouz Bahrami, the rate of EGFI’s services has grown significantly this year due to the development of activities and diversification of services in lines with the standards of developed countries.

The fund was ranked first among the countries of Amman Union due to a 200-percent growth in performance in 2019 and for the first time, the EGFI head was appointed as the chairwoman of the Amman Union, which is one of the world’s largest export credit insurance organizations, Bahrami said.

The EGFI successes have been achieved while strong competitors such as Turkey with a capital of $2 billion and Saudi Arabia with a capital of $4 billion are among Islamic countries, the official stressed.

Iran has exported over $10.87 billion of non-oil commodities during the first five months of the current Iranian calendar year (March 20-August 21), of which about $1.3 billion were done through the Export Guarantee Fund and by its supports, according to Bahrami.

Affiliated to the Ministry of Industry, Mining, and Trade, the Export Guarantee Fund of Iran has been established in order to expand and promote exports, to protect exporters against non-commercial risks, which are normally not covered by the insurance companies, and to guarantee credits used for export of such goods and services.

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“In future transactions of the named markets, EGFI will act as a facilitator by issuing guarantees,” she said, “At IRENEX we will ease oil sales, thus.”

“We are resolved to tighten ties between the purchasers from the private sector and the Iranian government and will cooperate with the oil ministry considering the recent decision of the US about ending waiver grace period for Iranian oil customers,” she described.

“As the exports fund of the country, which is in contact with counterparts across the globe, we try to compensate for the blocked channels,” Bahrami said.

Answering a question about the EGFI’s wages for issuing exports guarantees, the official explained that “wages for issuing guarantees for exporters to Iraq and Afghanistan are less than one percent presently and we are to re-reduce the wages for exports to neighboring countries.”

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