EDBI Restoring Ties With Foreign Banks

The Export Development Bank of Iran – the country’s Eximbank– has opened 30 accounts in major foreign banks besides having established 120 correspondent relations with major international banks, the bank CEO said.

“Before implementation of the nuclear deal with world powers we did not have any kind of active accounts whatsoever. However, after the nuclear accord, we regained access to SWIFT (international interbank messaging network) and restored a significant number of international correspondent relations that enable Iran to rebuild its export capacity,” Ali Salehabadi was quoted as saying by IBENA.

The EDBI offers foreign exchange loans in euros to raw material importers at 6% in the form of working capital loans as well as other services like opening lines of credit and issuing guarantees.

“Our priority is not profitability but assisting export and import.”

Salehabadi had earlier announced that his bank has resumed ties with 20 European, 17 Asian and four African countries, of which Turkey, Belgium, Germany, Switzerland, Italy, Spain, Austria, India, South Korea, Japan and China are the notable.

He asked Iranian exporters to introduce credible banks they work with in other countries to EDBI for establishing contact with them and providing exporters credit lines through those banks.

The government has provided the bank enough resources to finance exporters of domestic goods at lower rates.

 EDBI was established as a policy bank, owned by the government, and provides financial and other banking services to exporters and investors. The bank also is the Iranian representative for the Islamic Development Bank.