Iran’s export insurance company eyes increasing coverage to $7b

Business Materials 5 June 2016 16:46 (UTC +04:00)

Baku, Azerbaijan, June 5
By Khalid Kazimov - Trend:

The Islamic Republic's state owned export credit insurance company is planning to provide $2billion worth of insurance coverage for exporters over the current Iranian calendar year started March 20.

Kamal Seyed Ali, chairman and CEO of Export Guarantee Fund of Iran (EGFI), has said the figure for the last year amounted to $1billion, ISNA news agency reported.

He further called for increasing the insurance coverage to about $7 billion in future.
This is while Iran's non-oil exports (including condensates) surpassed $42.415 billion during the last fiscal year (ended March 20), indicating a fall by 16.1 percent compared to the preceding year.

In the meantime, the country also imported $41.5 billion worth of goods, 22.5 percent less year on year.

The CEO further expressed hope that the country's volume of non-oil exports will reach $50 billion over the year.

The official called on the government to allocate more financial resources for the EGFI aimed at backing exporters.

Export Guarantee Fund of Iran provided $700million worth of insurance coverage for exports between March 2014-2015 which increased to $1 billion dollar year on year.