Azerbaijan, Baku, Jul.14/ Trend F.Milad/
The Export Guarantee Fund of Iran (EFGI) compensates losses of exporters who are facing problems for receiving money from their foreign partners, EFGI managing director Kazem Doost-Hosseini stated.
Kazem Doost-Hosseini told the IRNA News Agency that the EFGI has increased issuing insurance policies and guarantees in response to economic sanctions of the West.
The EFGI carries out money transactions through official and legal channels, he noted.
Affiliated to the Ministry of Industry, Mine and Trade, the Export Guarantee Fund has been established to expand and promote exports, to protect exporters from non-commercial risks, which are normally not covered by the insurance companies, and to guarantee credits used for exportation of such goods and services.
The European Union's embargo on Iran took effect on July 1 and a new U.S. law that penalizes countries that do business with the Iranian Central Bank by denying their banks access to the United States market. The law came into force on June 28.