Lifetime Record Performance for EGFI
Export Guarantee Fund of Iran's general assembly has unanimously confirmed EGFI's financial accounts and lauded its unprecedented performance.
Commerce Minister Mehdi Ghazanfari, as the head of the general assembly, praised the company's performance in the financial year 2009-10.
EGFI, as Iran's official Export Credit Agency, and its role is to support domestic and foreign exporters in the present global financial crisis. The total amount of insurance policies and guarantees issued in this year reached to an unprecedented amount of USD 3158.9 million which shows 254% increase compared with USD 891.7 million in the previous year.
This amount of insured business covers about 13% of Iran's non-oil exports which is among the highest coverage rates amongst the world's export credit agencies. This upsurge in EGFI's activities is due to improvements in its macro policies, marketing and risk managements, as well as hard working of its staff.
The significance of EGFI's accomplishment is highlighted by comparing this year's business with the portfolio of six years ago which amounted to just USD 72 million. This shows a 43 fold rise.
EGFI as an independent company affiliated to Ministry of Commerce, is Iran's official export credit agency, which is established to support, develop and promote Iran's Non-oil exports. It issues insurance policies to protect Iranian exporters and investors in other countries against breach of a business contract and non-payment by foreign buyers/contractors, and provide guarantees to help them having a better access to finance facilities from banks.