Minister Stresses Increase In Capital Of Export Guarantee Fund

Tehran, Sept 17, IRNA – Minister of Industry, Mines and Trade has called for an increase in the capital of the Export Guarantee Fund up to $1 billion, terming it one of the prerequisites for the country’s exports. Speaking at a session of the EGF, Mohammad Reza Nematzadeh said it has been proposed that in the first stage $500 million out of the deposit of the National Development Fund should be added in order to increase the capital of EGF. Announcing that the unfulfilled obligations of the Fund now amounted to $2,100 million, Nematzadeh said the Fund is now at risk 12 times more than its capital which is higher than the international standard. He stressed that the Islamic Republic of Iran should further strengthen its supportive instruments for exports. In conclusion he underlined the need for empowering customers and the export community through offering different consultations./end