Tehran, Iran, Sept.30
Trend:
Export Development Bank of Iran is providing advances to expand non-oil exports to, and trade with, neighbor countries, Head of the Export Development Bank Ali Salehabadi told Trend in an interview.
"Expanding non-oil exports including commodities and services and creating capacities for exports is possible. In this regards, the Export Development Bank of Iran will draft annual credit policies," he said.
"The credit policy of the bank in last Iranian year [started March 21, 2018] was focused on obtaining credit line, foreign currency and rial resources from the National Development Fund and the Central Bank of Iran alongside providing short term and long term loans to exporters via finance and refinance credit line and domestic bonds," he added.
"Despite difficulties in the foreign trade sector due to the effect of unilateral sanctions, in last Iranian year, the bank managed to provide 52,9 billion rial (around $1.2 billion) to exporters of goods and services and improved its annual turnover by 11.6 percent," he noted.
"The bank provided foreign currency advances worth around $391 million to ongoing plans and $368 million to working capital, thus having paid the total of $759 million advances to the customers," he said.
The official noted that the next Iranian year (starts March 21, 2020), the bank plans to expand exports to neighbor countries, particularly to Azerbaijan.
He went on to say that the Export Development Bank of Iran is a private bank that aims to expand non-oil exports, which plays a special role to support investors and Iranian exporters.
"Considering that expanding economic and trade ties with neighbor countries is important policy for Iran, presence at the markets of these countries has always been among the bank's top priority," he said referring to future plans to expand export ties with neighbors.
According to him, the Export Development Bank of Iran provides brokerage services including issue of guarantee, opening credit for imports and exports , money transfer and providing advances to producers and businessmen.
"The services also include provision of working capital for exports plans, customer and supplier credits, investments to support export and expanding trade, particularly with neighbor countries," he indicated.
"Therefore, we seek to facilitate the trade and support exporters and investors who intend to trade with neighbor countries, so major part of our services and operations are oriented towards the neighbor countries," he added.
"We have established brokerage relations with some Iranian banks that have branches in the neighbor countries including Melli Bank in Baku, the capital of Azerbaijan, so some of these services are provided via this bank," he said answering the question whether the Export Development Bank has any brokerage relations with foreign banks.