Financial Statements for the Year 1401 Approved by the Export Guarantee Fund of Iran

The financial statements for the year 1401 of the Export Guarantee Fund of Iran were approved after examination at the Fund's General Assembly and in accordance with the report of the audit organization.

According to the Public Relations of the Export Guarantee Fund of Iran, the General Assembly of the Fund's shareholders was held at the Export Guarantee Fund of Iran with the presence of the Deputy Ministers of Industry, Mine, and Trade, representatives of the Ministry of Economic Affairs and Finance, Foreign Affairs, the Central Bank of Iran, and the Organization of Planning and Budget of the country.

Seyed Amir Borhani, Chairman of the Board of Directors and CEO of the Export Guarantee Fund of Iran, reported on the performance of the Fund in the year 1401 and its role in reducing risks in international trade for exporters, especially in the current conditions of the country. He stated that in the past year, the Fund, with a registered capital of 13,000 billion Rials, issued insurance policies and guarantees worth 502.940 billion Rials, showing a 55.5% growth in risk coverage compared to the previous year.

Borhani mentioned that the average coverage ratio for non-oil exports in the Export Guarantee Fund of Iran in the year 1401 was around 3%, whereas this ratio is approximately 2% for member countries of the Berne Union. He added that the amount of damage payments in the year 1401 decreased by over 80% compared to the previous year, which resulted from increased scrutiny in the credit assessment process of foreign buyers and domestic exporters.

The Chairman of the Fund's Board of Directors also noted that a significant portion of the Fund's insurance coverage pertains to high-risk countries where Iranian exporters needed insurance support, and the possibility of non-payment by foreign parties existed. This demonstrates that the Fund has successfully fulfilled its main mission, which is the reduction of export risks.

It's worth mentioning that in the year 1401, the Fund, in line with economic diplomacy and mitigating the effects of sanctions, signed 3 memoranda of understanding with its counterparts in Oman (Credit Oman), Qatar (Ghaith for trade and import), and Kazakhstan (Kazakh Export), as well as 2 cooperation agreements with its German counterpart (DHF Germany) and the Mongolian Embassy in Iran. Additionally, to strengthen trade relations and expand exports, the Fund signed 3 reinsurance contracts with AOFI Institute in Serbia, Exiar in Russia, and EximGarant in Belarus.

Among the other achievements of the Fund in the year 1401, it became a member of the Credit and Investment Insurers Union (Berne Union) and the Short-Term Committee of this Union for the first time. It also joined the Union of Credit and Investment Insurers of Islamic Countries (AMAN Union) and the Buyer Information Bank of Islamic Countries, and obtained a seat on the AMAN Union's Board of Directors with the consensus of Islamic countries.

In conclusion, Borhani expressed hope that in the current year, similar to the previous year, the Export Guarantee Fund of Iran would experience acceptable growth by adopting innovative approaches in insurance coverage and guarantees.