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.
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.