Following the devaluation of US Dollar and the consequent shortage of oil revenues in the early 70s, The Export Guarantee Fund of Iran was established, with UNCTAD ‘s cooperation, as the only Iranian state –owned export credit insurance entity affiliated to the Ministry of Commerce acting under the supervision of the Export Promotion Center of Iran in 1973 with the aim of covering Iranian exports against major political & commercial risks.         The operation of the newly established organization could not last long since the oil prices increased as a result of the political developments in the Middle East in the mid 70s, which brought about increased oil revenues and consequently led to the complete disruption of EGFI’s activities.         Following 10 years of inactivity, EGFI was re-set up as an independent entity affiliated to the I.R. of Iran’s Ministry of Commerce in 1994 to help Iranian exporters re-establish their trading positions following the disruption caused by the 8-year imposed war and to increase the country’s non-oil exports revenues.