Monday, October 3, 2022

In the wake of the dollar’s depreciation against the Iranian national currency, Rial, and decline in the petrodollars in the early 1970s, the Export Guarantee Fund of Iran (EGFI) was established in cooperation with UNCTAD in 1973 as the only state-run Export Credit Agency (ECA) affiliated to the Ministry of Industry, Mine and Trade, and started its activities under authority of Trade Promotion Organization of Iran, in order to cover major commercial and political risks for Iranian exporters.

Of course, the newly established organization was short-lived as oil prices rose due to political developments in the Middle East in the mid-1970s, and the country’s oil revenues increased; therefore, EGFI lost its importance and its activity was totally stopped.

After a ten-year halt in activity, the Fund started its operation in 1994 as a legally and financially independent entity but affiliated to the Ministry of Industry, Mine and Trade in a bid to help exporters who had lost their business standing due to the Iraq-Iran 1980-1988 war and pave the way for enhancing the country’s non-oil revenues.
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