Export Guarantee Fund of Iran invested $1 billion in knowledge based companies' exports
Tehran, Iran, Sept.16
Export Guarantee Fund of Iran has provided $2.3 billion to support the country's exports, with $1 billion spent on knowledge based companies, said board member of the fund.
Arash Shahr Ayini talked about the work of Export Guarantee Fund of Iran in an interview with Trend.
"Export Guarantee Fund of Iran is responsible for securing foreign trade and exports and supervising the credit exports. This is an open account approach when the exporter exports goods without bank guarantee and returns the advances later," he said.
"The main responsibility of the Export Guarantee Fund of Iran is to cover demands of exporters in foreign trade; the other party can be a foreign government, a bank or a foreign company without extra guarantee," he added.
in his words, the shares of knowledge based companies in economy are growing and necessary variables to support these companies are different from those applied to traditional companies. "We are updating instructions concerning the knowledge based companies," he noted.
"For example, the process of evaluating credit and risks for traditional companies is based on balance sheet. As for knowledge based companies, we should consider the future plans and export ideas, and support them accordingly. In the Export Guarantee Fund of Iran, we provide limited credit to knowledge based companies according to their future plans and bail," he said.
"Our other approach is to design special evaluation models for the knowledge based companies in cooperation with Vice Presidency for Science and Technology," he added.
"While the share of the knowledge based companies in exports is growing, it still not significant. The volume of exports by these companies in last Iranian year (started March 21, 2018) was $100 million," he said referring to volume of advances to these companies.
According to him, the fund supported country's export last year by providing total of $2.3 billion, and there was 33-percent growth compared to 2017.
" In first five months of current Iranian year (started March 21, 2019), the fund has provided $1 billion to export services including insurance and guarantee to knowledge based companies that also increased by 60 percent compared to last Iranian year," he added.