Institution details
EGFI - Export Guarantee Fund of Iran (EGFI)
Key facts
- Established in 1973
- Ownership: Public
Not Part of the OECD
Part of the Berne Union
- PCP8+4QV District 6,Tehran
- +98 21 88739267 & +98 21 88733370
- https://www.egfi.ir
Latest update: 03/12/2021
rating type | rating agency | type | rating |
---|---|---|---|
Institution rating | Fitch | Foreign currency | B+ |
Country rating | Fitch | Local currency | B+ |
Products
- Short- and long-term insurance
- Short- and long-term guarantees
- Other products
Short- and long-term insurance
- Whole turnover policy: Covers all exports made by an Iranian exporter to different countries against political and commercial risks for a period of 1 year
- Specific policy: Covers one or more shipments made by an Iranian exporter to a foreign buyer under a single contract
- Techno-engineering services policy: Covers construction projects implemented, or engineering services provided, by Iranian contracting and engineering companies against political and commercial risks
- Export contract frustration policy: Covers loss incurred due to the frustration of the exports letters of credit/contracts
- Discounting of export bills insurance policy: Covers risks of non-payment of the export bill discounted by Iranian banks
- Sight letters of credit insurance policy: Covers the risk of non-payment of the issuing bank to the advising bank, after receiving documents mentioned in the letter of credit
- Bank guarantee insurance policy: Covers the risk of calling of the bank payment guarantee, which is issued by the Iranian banks in favor of foreign financiers of Iranian technical projects in target markets
- Investment insurance policy: Covers the principal and interest of the medium- and long-term investments made by the Iranian investors in target countries solely against political risks
- In case the investor gets a loan from a bank for a project, he/she can assign the rights of the investment policy to the financing bank as a security
Short- and long-term guarantees
- Local credit guarantee: For financial institutions that provide short-term local currency loans to Iranian exporters to finance export activities and provide working capital
- Buyer’s credit guarantee: For foreign buyers who intend to import goods or services from Iran
Other products
- Manufacturer’s credit guarantee: For Iranian exporters buying export commodities on credit terms from a domestic manufacturer
- Forex credit guarantee: Used as a substitute for collateral required by banks granting forex facilities to Iranian exporters
Modality | Tenor | Cover type | coverage |
---|---|---|---|
Insurance | Short/medium/long-term | Comprehensive | 95% |
Insurance | Short/medium/long-term | Political | 95% |
Guarantee | Short/medium/long-term | Comprehensive | 100% |
Performance highlights
What's new?
- EGFI and Credit Oman signed a MOU on export finance
- The OECD upgraded the Iran risk rating to 5
- Concentration on plans with mid-term and long-term credit allocation
- Coordination and close cooperation with the Trade Promotion Organization of Iran as the administrator of exports
- Upgrading knowledge and promoting culture of using export credit coverage in the country
- Also rated by Capital Intelligence as BB- for long-term foreign currency
- The agency is affiliated to the Ministry of Industry, Mine, and Trade of Iran, with the purpose of supporting, developing, and promoting Iran’s non-oil exports