Support to Exports Guarantee Fund of Iran to continue
BAKU, Azerbaijan, March 29
By Elnur Baghishov - Trend
Support for the Exports Guarantee Fund of Iran is undeniable and necessary in the current Iranian year (began on March 20, 2020), said Head of Commercial Service at Trade Promotion Organization (TPO) Ehsan Ghamari, Trend reports citing the organization's website.
According to Ghamari, the insurance support of the Exports Guarantee Fund of Iran was $2.03 billion last Iranian year (from March 21, 2019 to March 20, 2020).
Ghamari added that more than $2.6 billion was allocated for the guarantees last year. This is an increase of 20 percent compared to the year before last (from March 21, 2018 to March 21, 2019).
"About $45 billion worth of products and services were exported to countries around the world last year. However, the support of the Exports Guarantee Fund of Iran accounted for only 5.7 percent of Iran's non-oil exports," he said.
The official said that taking all this into account, special attention should be paid to increasing the investment of the Exports Guarantee Fund of Iran by $120 million.
"About 60 percent of the fund's guarantees were exported to 15 countries around Iran as well as to India and China. Guarantees have increased by 66 percent compared to the preceding year, despite a number of problems, including the US sanctions against Iran," he said.
The US imposed new sanctions on Iran in November 2018. Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies and individuals.