TEHRAN – Export Guarantee Fund of Iran (EGFI) has signed an agreement with Russian Agency for Export Credit and Investment Insurance (EXIAR) with the aim of facilitating exports and providing the necessary guarantees for the development of trade between the two countries.

The agreement was signed by EGFI Head Reza Alikhani and EXIAR’s Chief Executive Officer Nikita Gusakov on the sidelines of the Crocus Expo in Moscow on Thursday, the portal of Iran’s Trade Promotion Organization (TPO) reported.

The signing ceremony was attended by TPO Head Alireza Peyman-Pak and Director General of the Russian Export Center Veronika Nikishina.

According to Peyman-Pak, the agreement is signed with the aim of helping the traders of the two countries to use export insurance as an alternative to letters of credit (LC) and to reduce the risk of trade between the two countries.

“All Iranian businessmen, during their cooperation with Russian businessmen and companies, can introduce their trade partner to EGFI, so that this fund could validate and create an insurance credit limit for the Russian side and take the necessary action regarding the issuance of insurance for Iranian parties,” the TPO head said.

He further noted that now Iranian traders can easily export their goods to Russia by using this insurance policy and benefit from the services provided by the Export Guarantee Fund of Iran.

“Also, Russian businessmen and companies exporting products to Iran can introduce their Iranian trading partners to EGFI and the fund will issue guarantees for them through EXIAR,” he added.

Emphasizing that the agreement has no credit limit and the signatories can issue guarantees up to one billion dollars, Peyman-Pak said: “This achievement has been made in line with the efforts of Trade Promotion Organization and Export Guarantee Fund of Iran to facilitate trade between the two countries of Iran and Russia.”

EF/MA

Photo: EGFI Head Reza Alikhani (L) and EXIAR’s Chief Executive Officer Nikita Gusakov sign agreement documents in Moscow on Thursday.