Iran's ECA Reassures Foreign Trade Partners

EghtesadOnline: CEO of the Export Guarantee Fund of Iran says the fund has taken special measures to shield exports from the negative impact of US sanctions.

News ID: ۷۴۷۱۸۰

29 April 2019

Afrooz Bahrami said the insurance coverage EGFI provides is the best substitute for letters of credit at a time when the economy is burdened by the systemic economic and banking restrictions imposed by the United States.

“The fund is trying to offer guarantees to ensure foreign trading parties that their money will be paid in a timely manner,” she  was quoted as saying by Fars News Agency.

Recalling that EGFI is the second top export credit agency in the region, she said the insurance cover offered by the fund is valid in all countries and covers all categories of goods, according to Financial Tribune.

“In light of the new US sanctions and the fact that foreign traders do not receive Iranian bank [export] guarantees, the fund is willing and able to cover the commercial risks for exporters,” she noted.

The EGFI has not been influenced negatively by the hostile US measures despite the “mounting pressure on exports that renders the sector more vulnerable.”

The EGFI said earlier that it wants to expand risk cover for export insurance by $2.5 billion in the current fiscal (started March 21) and increase the penetration rate of export guarantees.