EDBI Correspondent Relations Reach 119

EghtesadOnline: After the implementation of the Joint Comprehensive Plan of Action, the Export Development Bank of Iran secured correspondent relations with 119 foreign banks, said the bank’s CEO.

News ID: ۷۷۴۶۳۳

15 March 2017

“Last year, we opened bank accounts in 30 foreign banks and made money transfer, opening lines of credit and issuing guarantees possible through 82 correspondent banks,” Ali Salehabadi was also quoted as saying by IRNA.

Iran’s nuclear deal–known by its initials JCPOA–took effect on January 16, 2016, and terminated nuclear-related sanctions against Iran in return for time-bound curbs on its nuclear program.

Salehabadi noted that they reached agreements with the ECO Trade and Development Bank of Turkey and the Korea Eximbank (Export-Import Bank of Korea) to receive a credit line for funding the import of commodities, equipment and machinery, according to Financial Tribune.

“EDBI utilizes monetary tools and offers a wide range of services to support non-oil exports in line with the bank’s responsibility,” he added.

The CEO of EDBI said export financing falls in three groups: Pre-Shipment Export Finance, Post-Shipment Export Finance and Buyer’s Credit. “Financing Iranian offshore investments [joint ventures] is another form of funding,” he added.

Salehabadi concluded that EDBI is not only acting as the consultant of exporters as the Eximbank of Iran, but has prioritized the funding of different sectors.