Financing for Development
It has been more than a century since the first Export Credit Agency (ECA) has been established in ۱۹۱۹ in UK (Export Credits Guarantee Department- ECGD). Nowadays almost a hundred ECA are active in developed and developing countries, which have a crucial role in facilitating international trade and investment flows, by providing credit insurance for the political and commercial risks.
Despite some criticisms on ECAs' impact on the poor countries' public debts and environmental issues, these agencies have had mutual benefits for both creditor and credit recipient countries.
It has been more than a century since the first Export Credit Agency (ECA) has been established in ۱۹۱۹ in UK (Export Credits Guarantee Department- ECGD). Nowadays almost a hundred ECA are active in developed and developing countries, which have a crucial role in facilitating international trade and investment flows, by providing credit insurance for the political and commercial risks.
Despite some criticisms on ECAs' impact on the poor countries' public debts and environmental issues, these agencies have had mutual benefits for both creditor and credit recipient countries. In comparison with the multilateral institutions such as the IMF and the World Bank, they have extended much greater volume of trade and project finance in developing countries.
Before ۲۰۰۶, while having enormous international reserves, and positive records of solvency, Iran was one of the most attractive markets for financiers and ECAs; resulting in reaching ECA's commitment on Iran to a total of USD ۳۰ billion. However, after the international restrictions intensified, there have been difficulties in the repayments. Although sanctions imposed some pressures on Iranians, certainly it damaged the other side and definitely does not bring any gain for anyone.
It should be noted that in the finance literature, «country risk» usually reflects the ability and willingness of a country to service its financial obligations, but in this case the debtor was ready to pay but the restrictions imposed by creditors' governments had blocked payment channels, leading to the non-payment.
It is worth mentioning that the most of businesses, investors, and financial institutions in the world are not satisfied with the current situation and they wish to witness the recurrence of normal trade situation.
With this introduction, while looking hopefully to rebuild engagements with international partners, we would like to welcome all the delegations coming from different ECAs and related companies around the world, majorly brothers and sisters from Islamic countries, for attending the AMAN Union 5thAnnual Meeting, hosted by Iran's official ECA - Export Guarantee Fund of Iran (EGFI).
The cooperation among the Union's members could definitely help the development of Muslim World and it is hoped that this presence, after hearing good news from Geneva on ۲۴th of November, leads to a situation which can have mutual benefits for all sides.
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