TEHRAN -- Managing Director of Export Development Bank of Iran (EDBI) Nourouz Kahzadi said that Iranian exporters can now use the services of Islamic Development Bank (IDB) Insurance Company to exports their products, said IRNA.

Kahzadi who is also managing director of Exports Guarantee Fund of Iran (EGFI) added that the EDBI and investment insurance company and ports guarantee company, affiliated to IDP, have signed an agreement for the latter to extend insurance coverage to Iranian exports to African and Central Asian states and to countries where EDBI does not cover Iranian exports. The insurance coverage ceiling is $200 million, he stated.

Earlier in June, Kahzadi said that for the first time in the country Iranian investments in more than 80 countries will be guaranteed. He added that the issue is going through its final reviews and the result will be announced within the next two month.

He added that the fund will also bear the risk of exports to those 80 countries which will be named in the near future, adding that traders can use this coverage to indemnify their exports.

The government has earmarked $500 million of credit from the foreign exchange reserve fund for purchase orders in these countries and will offer insurance cover to exporters, Kahzadi underlined.

He cited the $70 million export of wagons to Pakistan as a case in point.