Iran Export Guarantee Fund`s support for exporters doubles
TEHRAN, Iran, Sep. 19
The Export Guarantee Fund of Iran has announced an increase in export support in the current Iranian year (started on March 20) compared to last year.
“Although there is an escalation of US sanctions on the country's foreign trade and exports, the export support institutions are working to reduce the effects of sanctions,” Export Guarantee Fund of Iran said in a statement published on its official website, Trend reports.
Accordingly, the coverage of export risks by the Export Guarantee Fund of Iran, by providing a variety of insurances and credit guarantees has doubled compared to the last year.
The coverage ratio of the Export Guarantee Fund`s support from the country's exports, which was about five percent in previous years, reached about 10 percent in the first five months of the current Iranian year(started on March 20), which is a similar ratio to that of the developed countries.
The volume of Iran`s non-oil exports in the first five months of the current year was $10.8 billion, of which the Export Guarantee Fund has covered more than one billion dollars.
Also, the Board of Directors of the Export Guarantee Fund of Iran, due to the sanctions and the coronavirus outbreak, has approved resolutions to further support non-oil exports.
In this regard, the Fund is determined to support small and medium-sized manufacturing and export companies and knowledge-based insurance companies.
On May 10th, the Export Guarantee Fund of Iran (EGFI) has increased its capital by $200 million from the revenues of the National Development Fund (NDF), IRNA reported.
The head of the Export Guarantee Fund said that the capital is going to support the Fund's guarantees and insurance policies, adding that "Based on the current standards, we can cover export risks up to 10 times the fund’s capital.”