Iranian - Egyptian cooperation in exports

The Egyptian Company for Guaranteed Exports has agreed with three Iranian banks to cooperate in guaranteeing Egyptian exports to Tehran.

The head of the company's board of directors, Salah El-Din Faahmi, said that the Iranian banks are Bank Mellat, Export Developmet Bank of Iran, and Bank Melli Iran, adding that these steps aim at fulfilling the desire of exporters to export their products to Iran within the current mutual economic approach and increase the volume of trade exchange between the two countries.

The volume of trade exchange between the two countries is less than $70 million annually.

Faahmi said that the Egyptian company will provide insurance coverage for exports by 80% of trade operations against the dangers of not paying the trade operation specified to the importer, as well as the political dangers risked by importers.