TEHRAN - Export Guarantee Fund of Iran (EGFI) has been ranked first in terms of performance among the region’s Islamic funds for the second time, IRNA reported on Tuesday, quoting the EGFI head.

According to Afrouz Bahrami, the rate of EGFI’s services has grown significantly this year due to the development of activities and diversification of services in lines with the standards of developed countries.

The fund was ranked first among the countries of Aman Union due to a 200-percent growth in performance in 2019 and for the first time, the EGFI head was appointed as the chairwoman of the Aman Union, which is one of the world’s largest export credit insurance organizations, Bahrami said.

The EGFI successes have been achieved while strong competitors such as Turkey with a capital of $2 billion and Saudi Arabia with a capital of $4 billion are among Islamic countries, the official stressed.

Iran has exported over $10.87 billion of non-oil commodities during the first five months of the current Iranian calendar year (March 20-August 21), of which about $1.3 billion were done through the Export Guarantee Fund and by its supports, according to Bahrami.

Affiliated to the Ministry of Industry, Mining, and Trade, the Export Guarantee Fund of Iran has been established in order to expand and promote exports, to protect exporters against non-commercial risks, which are normally not covered by the insurance companies, and to guarantee credits used for export of such goods and services.

EF/MA