“Export Development Bank of Iran” Supports Petchem Sector: Managing Director of the Export Development Bank of Iran Ali Saleh Abadi said petrochemical facilities enjoy a rich portfolio in the bank which offers them guarantees for foreign finances.
Speaking to NIPNA, Saleh Abadi said the bank supports Iranian petrochemical companies and last year ensured a €2.2b investment by Chinese financiers for development of petrochemical projects in Iran.
“Moreover, the bank has also offered its resources to a number of petrochemical plants for financing in recent years and under the sanctions,” he said.
Even though a private bank, the Export Development Bank of Iran is reputed as an Exim bank that helps bolster the country’s foreign trade, he said.
Source: nipna.ir
About EDBI
According to the approval made by the Extraordinary General Meeting of the Banks on July I 0, 1991, the Export Development Bank of Iran has been founded on November 24, 1991 under registration number 86936 as a governmental bank. It plays a leading role in providing financial facilities as well as other banking and advisory services to Iranian exporters and their foreign clients. The Bank mainly focuses on the promotion of non-oil exports.
According to the paragraph 3 of Article of Association, including 12 sub-section and one note, main activities of the Bank according to usury-free Banking Operation Act (enacted on August 30, 1983), are, extending export facilities in domestic and foreign currencies, correspondent banking operation, export financing by different credit lines, issuing bank guarantees, and other banking operations.
The Bank offers comprehensive advice to its clients and abroad range of financial solutions. So that EDBI offers its clients a distinct value proposition combining a global reach with a structured advisory process and access to a broad range of sophisticated products and services. TI1e Bank delivers innova tive and integrated solutions in close collaboration with Asset Management.
Despite the impact of some financial and non-financial crisis, the long term growth prospects of the wealth management sector remain intact.
During its life, the Bank has intended to build a strong future for its business and stakeholders. As per content of the article of association, the Bank is mandated to carry out all banking transactions pre scribed under the Usury-Free Banking Operations Act of 1983. The Bank is active in the cornerstone products such as deposits, credit cards, finance and investment in addition to its export-leading position in commercial lending, treasury management and advisory services.
The Bank’s regulator is Central Bank of Islamic Republic of Iran (CBI) which is in charge of coordinat ing banking operations across sectors, reviewing the operations of individual banks and setting interest and exchange rates. As the regulator, CBT licenses and monitors financial services businesses to ensure that they operate efficiently, honestly and fairly.
The Bank encompasses businesses providing a full range of financial services to the customers. By and large, the key activity areas of the Bank include:
– International Affairs which takes care of trade finance and foreign investment;
