Iran: Export credit agency reports surge in business
Source: Middle East Insurance Review | Jun 2017
State-owned Export Guarantee Fund of Iran (EGFI) has issued export insurance and guarantees worth US$1.6 billion in the fiscal year which ended on 20 March 2017, marking a 71% growth y-o-y, said the head of the export credit agency.
“The total value of EGFI’s short-term coverage amounted to $204 million last year, indicating a 119% growth y-o-y,” said Mr Kamal Seyyed Ali at a media conference in early May.
“We also issued $696 million worth of long- and mid-term export insurance policies last year, which indicates a 470% growth compared with the year before.”
In addition, EGFI issued $700 million worth of guarantees during the fiscal year, reported the Financial Tribune, without detailing factors contributing to the increases.
“EGFI paid $63 million to indemnify losses of exporters and the banking system last year,” Mr Seyyed Ali said, stressing that the amount represented a decline of 24% compared with the fiscal year which ended 20 March 2016.
Last year, EGFI signed agreements with more than 20 export credit agencies, including state-owned agencies of Russia, the UK, India, Sweden, Germany and Austria, Mr Seyyed Ali added.
He said that EGFI’s key plans for the current fiscal year that started on 21 March 2017 include the development of new and special coverage services, finding new markets for Iranian goods and services, easing the process of securing foreign credit lines and assessing the creditworthiness of buyers in other countries. M