Iran, Russia Activate €1 Billion Credit Line to Spur Exports: EGFI Chief
TEHRAN (Tasnim) – A credit line worth €1 billion was activated between Tehran and Moscow for exporting goods to the Russian Federation, the chief executive of the Export Guarantee Fund of Iran (EGFI) announced on Wednesday.
The Export Guarantee Fund of Iran concluded a credit line up to €1 billion with the Russian Agency for Export Credit and Investment Insurance (EXIAR) last year in 2022 which became operational in 2023, Amir Borhani Naeini stated, speaking in an interview with Mehr news agency.
It is predicted that more than half of the credit line will be used by the yearend in 1402 (March 20, 2024), Naeini emphasized.
He added that the EGFI has issued approx. €30 million insurance policies in the current month (October) for exporting goods to the Russian Federation, he continued.
He went on to add that the Russian side has so far used between €10 and €11 million of the credit line.
Half of the value of the credit line will be used in 2023, he said, adding that Russian companies have requested to use the services of the Export Guarantee Fund of Iran in the projects related to technical and engineering services of the railway and rail sectors.
