71% Growth in EGFI Export Coverage

The Export Guarantee Fund of Iran, the state-owned export credit agency, issued export insurance and guarantees worth $1.6 billion in the previous Iranian year (March 2016-17), marking a 71% growth compared to the previous year, the head of EGFI said.

“The total value of EGFI’s short-term coverage amounted to $204 million last year, indicating a 119% growth year-on-year,” Kamal Seyyed Ali also told a press conference on Sunday.

“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.”

The fund also issued $700 million worth of guarantees during the fiscal year that ended on March 19, 2016, registering a 71% growth year-on-year.

"EGFI paid $63 million to indemnify losses accrued to exporters and the banking system last year," Seyyed Ali said, stressing that the amount dropped by 24% compared with the previous fiscal year (2015-16).

The fund also collected $24 million of its debts during the period.

"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," he said.

Seyyed Ali noted that EGFI's key plans for the current fiscal year includes development of new and special  coverage services, finding new markets for Iranian goods and services, easing the process of receiving foreign credit lines and assessing creditworthiness of buyers in other countries.