Export Guarantee Fund of Iran boosts assets by $200 million
Azerbaijan, Baku, Jun. 18/ Trend, F. Karimov/
The Export Guarantee Fund of Iran has boosted assets by $200 million, the Fars News Agency quoted EGFI managing director Taher Shah-Hamed as saying.
He did not disclose the fund's current reserve.
Following the devaluation of U.S. Dollar and the consequent shortage of oil revenues in the early 70s, the Export Guarantee Fund of Iran was established, with UNCTAD's cooperation, as the only Iranian state-owned export credit insurance entity of Iran with the aim of covering Iranian exports against major political and commercial risks.
Iran's non-oil exports will reach $59 billion in the current calendar year, which ends March 20, 2014, the Deputy Director of the Trade Promotion Organization of Iran, Kioumars Fathollah Kermanshahi said in May.
The announced figure is based on the Fifth Five-Year Economic Development Plan, the IRNA News Agency quoted Kermanshahi as saying.
He went on to note that technical and engineering services will account for $18 billion of the mentioned amount.
According to the director of Trade Promotion Organization of Iran, Hamid Safdel, Iran's total non-oil exports stood at $50 billion in the previous year.
Iran had non-oil trade with 196 countries in the mentioned period.
The country's balance of trade with 97 countries such the United Arab Emirates, South Korea, Switzerland, Turkey, and China was negative in previous year, the ISNA News Agency reported on March 6.
Tehran's balance was also positive with 99 countries, including Iraq, Afghanistan, India, Turkmenistan, and Pakistan.