EGFI supports export to Oman

According to IRNA, he made the remarks in joint session with head of the Chamber of Commerce, Industry, Mine and Agriculture of Iran-Oman Mohsen Zarrabi.

Seyed Ali explained new services of the fund, which has been designed jointly by export guarantee fund of Oman, and added that by the implementation of these agreements, part of the problems of the exporters of engineering-technical services as well as exporters of goods in Oman will be eliminated.

Upon these agreements, reciprocal re-insurance coverage will be possible, he said.

Mohsen Zarrabi, for his part, called for creation of 
appropriate ground for more use of businessmen of both countries from the fund, especially in the field of coverage of letters of credit (LCs) by Iranian banks and investment in Oman.

EGFI was established in 1973 in cooperation with UNCTAD, as the sole state company for insuring export credit affiliated to Ministry of Industry, Mine and Trade and started its activities under supervision of Export Development Center of Iran, but ceased its activities later until year 1994, which became active again to help businessmen, but eight years of imposed war disrupted their businesses.

Through financial supports of the government, the EGFI covers political and trade risks of export. 

By issuing different types of L/C guarantee, EGFI provides financial resources needed by exporters.