Iran, Portugal ECAs Sign Cooperation Deal

(Financial Tribune, Tehran, 20 April 2017) Export Guarantee Fund of Iran (EGFI) and Portugal’s private insurance firm COSEC signed a memorandum of understanding in Tehran on Tuesday to expand cooperation. The two entities agreed to expand cooperation in co-insurance, reinsurance, credit assessment, claims prevention and recovery of debts that help the exporters of both countries, EGFI reported in a press release. The private insurance COSEC has the mandate to manage the official export credit guarantee scheme on behalf of the Portuguese government. Since the lifting of sanctions, EGFI has been expanding ties with various ECAs and has held talks with institutions across the world, including the United Kingdom Export Finance, Japanese Nippon Export, Investment Insurance Export Credit Guarantee Corporation of India, South Korea’s K-Sure and Italy’s SACE. Iran-Portugal trade stood at $1.76 million during the 10 months to January 20, 2017, Tehran Chamber of Commerce, Industries and Mines’ website reported.