EGFI’s International Relations
Export Guarantee fund of Iran, as the official Export Credit Agency of Iran, supports Iranian exporters and investors in international markets. To meet this end, “Country Risk and International Cooperation Department” not only tries to expand its cooperation with international, and foreign entities, but also it monitors the commercial and political risks in different countries to assess risk with which Iranian exporters/investors as well as EGFI, as the insurers, face. Doing research on EGFI’s counterparts, and their products, as well as on commercial, economic, and financial issues is another major task which is done.
International relations of EGFI could be categorized as follow:
1. Membership in international entities
These memberships facilitate EGFI’s access to the current rules and regulations as well as updated information and expertise in the field of Credit Insurance in the world.
The international entities in which EGFI has membership are:
 Berne Union
The Berne Union was established in 1934 with the aim of working for international acceptance of sound principles of export credit insurance and foreign investment insurance. It also provides a vital forum for exchange of information, and expertise among its members which are 50 in 2009.
Those newly established ECAs or the ones which have not met the Berne Union membership requirements should take part in the “Prague Club” as a prerequisite of entering Berne Union. The members of Prague Club are more than 30 in 2009.
EGFI is a member of Prague Club since 1999 on and has taken part in its meetings /workshops/ on-line discussion till now. As EGFI’s cover has surpassed the Berne Union Membership criteria, it has applied for it. This union is considered as the most important union in the field of Credit Insurance, and active participation in its meetings and discussions is a target in EGFI’s international relations.
 Credit Alliance
Credit Alliance, affiliated to the French export credit insurance group (COFACE), is established in 1992. It is a credit information network which provides its members with credit information on countries, banks and buyers, as well as with debt collection and other services. Their database has information on more than 60 million buyers in the world, which makes this network unique in the world. In 2009, this network has more than 75 members, most of which are Export Credit Agencies, as well as Credit Assessment and Debt Collection companies.
To benefit from Credit Alliance network services, EGFI joined credit Alliance in October 2002. Enjoying the membership of this network, EGFI can not only provide more support to Iranian exporters via improved credit assessment of foreign buyers, but also have a better management of its risk portfolio and access a wide range of companies in different countries, while recovering the claims paid to Iranian exporters and outward investors.
 Multilateral Investment Guarantee Agency(MIGA)
The Multilateral Investment Guarantee Agency (MIGA) was created in 1988 as a member of the World Bank Group to promote foreign direct investment (FDI) into emerging economies to improve people lives and reduce poverty. With its 175 members worldwide (in 2009), MIGAs unique strengths derives from its structure as an international organization. This enables the agency to provide an umbrella of deterrence against government actions that could disrupt investments, and allows it to influence the resolution of potential disputes and ultimately enhance investor confidence. MIGA addresses these concerns by providing three key services: “Political Risk Insurance” for foreign investments in developing countries, “Technical Assistance” to improve investment climates and promote investment opportunities in developing countries, and “Dispute Mediation” services, to remove possible obstacles to future investment.
Following joining Islamic Republic of Iran to MIGA in December 2003, EGFI and MIGA singed a Memorandum of Understanding on Cooperation (MOU) in different fields of investment insurance (including co-insurance, re-insurance, training , etc...) in February 2004. EGFI as one of the 39 members signed MOU with MIGA can enjoy more from its products such as Investment Guarantee and other services including training.
E) Bankscope
BANKSCOPE is a comprehensive, global database containing information on public and private banks. It includes information on more than 29,000 banks around the world. It combines data from the main information provider, Fitch Ratings, and nine other sources, with software for searching and analysis. The information available on banks include 16 years of detailed accounts (country specific "as reported" and standardised), ratios, ratings and rating reports, ownership, country risk and country finance reports.
As analysis of banks of foreign buyers or those to which credit have been extended by Iranian banks is very important for Export Guarantee Fund of Iran, while covering the risk of those for Iranian exporters/investors/banks, EGFI subscribed to this database in 2006 to enjoy the most updated information on public and private foreign banks in the world. These data besides other information gathered from other sources are entered into EGFI’s “Bank’s Credit Assessment Model” and then a credit ceiling is set for the foreign banks, which is a major criteria while covering transactions by EGFI.
2. Cooperation with foreign Export Credit Agencies (ECAs)
Export Guarantee Fund of Iran has signed Memorandum of Understanding on Cooperation (MOU) with some of its counterparts in different regions in the world. These MOUs are in the field of re-insurance, coinsurance, training, exchange of information and expertise, credit assessment of buyers, claims prevention, recovery and any other issue agreed by both sides. Moreover, some Facultative Reinsurance Agreements (FRA) has been signed with some foreign ECAs/companies to fulfill EGFI’s need in reinsurance and management of its risk portfolio. Having relations and exchange of information with counterparts is not limited just to those signed MOUs with.
The ECAs, EXIMBANKs, and other institution with which EGFI has signed MOU and/or FRA are as follows:
NAIFE Sudan
IGA Bosnia & Herzegovina
NEXIM Nigeria
AOFI Serbia
EXIM R Romania
EXIMGARANT Belarus
UZBEKINVEST Uzbekistan
EXIM Bank of Malaysia Berhad
ECIC South Africa
EximBanka SR Slovakia
TBI IRAQ
SMECA Serbia & Montenegro
IAIGC Kuwait (Multilateral Inter Arab)
JLGC Jordan
KECIC Kazakhstan
CAGEX Algeria
LEMMA Ukraine
ATI Kenya (Multilateral- Africa)
ASEI Indonesia
PHILEXIM PHILIPPINES
SLECIC Sri Lanka
SMAEX Morocco
INGOSSTRAKH Russia
HBOR Croatia
SEP(SFD) Saudi Arabia
COTUNACE Tunisia
ECGA Oman
SINOSURE China
Exim Bank of Thailand Thailand
ECGC India
BAEZ Bulgaria
TURK EXIM BANK Turkey
KUKE Poland
Azer- Asia Azerbaijan
KEIC Korea
3. Participation in Joint Commission Meeting between I.R. of Iran & other countries
To support Iranian exporters, Export Guarantee Fund of Iran participates in Joint Commission Meetings held between I.R. of Iran and other countries. These meetings are also a good opportunity for EGFI to negotiate with foreign counterparts, banks, companies, etc. to improve its relations with them.
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