RUSSIAN AND IRANIAN ECAS JOIN EFFORTS TO BOOST TRADE AND INVESTMENT

Within the visit of Alexey Ulyukaev, Minister of Economic Development of the Russian Federation, to Islamic Republic of Iran, with the invitation of Mohammad Reza Nematzadeh, Minister of Industry, Mine and Trade of I.R. of Iran,Export Insurance Agency of Russia (EXIAR) and Export Guarantee Fund of Iran (EGFI) entered into a Framework Agreement aimed at developing trade and investment between Russia and Iran. The timing of this signing follows several high level agreements between the two countries.

According to the Agreement,EXIAR and EGFI will utilize their strengths to facilitate provision of financing to their national companies active in respective countries, and cover joint transactions in third countries, which will internationally promote products and services of Russia and Iran. The Parties are also creating a common approach as to a risk sharing mechanism that may facilitate the support of trade flows in respective countries. 
This important Agreement will also strengthen EXIAR and EGFI cooperation on operational level to exchange information and collaborate in credit assessment, claims handlingfurther to collection and recovery efforts. 

Export Insurance Agency of Russia (EXIAR) was established in 2011 as an open joint-stock company. EXIAR’s mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agencys charter capital is RUB 30 billion.
Export Guarantee Fund of Iran (EGFI), established in 1973,is the Iranian state-owned export credit insurance company affiliated to Islamic Republic of Iran’s Ministry of Industry, Mine, and Trade whose responsibility is to help export promotion and outward investment through providing: overseas insurance policies to cover the major political and commercial risks involved in their export and investment operations, credit guarantees to help them meet their financial requirements.