Export Development Bank of Iran
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| Public | |
| Industry | Banking, Financial Services |
| Founded | November 24, 1991 |
| Headquarters | Tehran, Iran |
Area served | Worldwide |
Key people |
Ali Salehabadi (CEO & Chairman of the Board) |
| Products | Development Bank, Corporate Bank, Finance and Insurance, Corporate Finances, Foreign Exchanges, Internet Banking, Money Market, Buyer's credit. |
| Revenue |
 US$270.18 million (2016)[1] |
| Total assets |
US$6,613.02 million (2016)[1] |
| Total equity |
US$1,375.10 million (2016)[1] |
Number of employees |
1,161 (2016) |
| Website | Official Website |
Export Development Bank of Iran (EDBI) (Persian: بانک توسعه صادرات ايران) is Iran's Export-Import Bank[2]. The Bank was incorporated as a policy bank, owned by the Iranian government, and provides financial and other conventional banking services to Iranian exporters and importers.
History
Pursuant to the approval made by the Extraordinary General Meeting of the Banks on July 10, 1991, the Export Development Bank of Iran was founded on November 24, 1991 as a state-owned bank. Under its charter, Export Development Bank of Iran acts as the administrative arm of the Government of Iran to contribute to the national economy through promoting non-oil export of goods and other technical and engineering services of Iranian origin and also to enhance economic cooperation with other countries.
International Credit Ratings
Capital Intelligence (CI)| Credit Analysis & Ratings [3], the international credit rating agency, on 05 October 2016 announced that it has affirmed Export Development Bank of Iran's (EDBI's) Long- and Short-Term FCRs at ‘BB-’ and ‘B’, respectively, with a ‘Stable’ Outlook, and remain at the sovereign level.[4]. The FSR is supported by the Bank’s strong capital adequacy, its privileged access to low cost government funding (due to its official policy role) and its well managed cost base. Due to its special remit, and in light of the recent upgrade of Iran’s Sovereign Long-Term Foreign Currency Rating (FCR) to BB-/B/Stable (from B+/B/Stable), EDBI’s Support Rating is raised to ‘2’ from ‘4’, which indicates a very high likelihood of further foreign currency liquidity and capital support being made available by the authorities.
Access to the Sovereign Wealth Fund
The Export Development Bank of Iran has access to the Government Fund (Sovereign Wealth Fund)[5] administered by the National Development Fund of Iran [NDFI][6] which was founded in 2011. The NDFI has so far signed agency contracts with different Iranian banks including Exports Development Bank of Iran [EDBI] to allocate US$ 9 billion for supporting investments in the private Sector.
Lifting of International Sanctions
After January 16, 2016, which marks Implementation Day of the JCPOA[7], and pursuant to the changes in International regulatory frameworks, currently Export Development Bank of Iran [EDBI] is not on the International sanctions lists. Also, according to the US Department of Treasury, Office of Foreign Assets Control (OFAC) [8], the Export Development Bank of Iran [EDBI] is Not on the SDN List and Not Subject to Secondary Sanctions.
References
- 1 2 3 "Annual Report 2016". EDBI. Retrieved 20 March 2016.
- ↑ http://en.edbi.ir/general_content/1602/1602.htm
- ↑ http://www.ciratings.com/
- ↑ http://www.ciratings.com/news/2016/10/21/2205
- ↑ https://en.wikipedia.org/wiki/Sovereign_wealth_fund
- ↑ https://en.wikipedia.org/wiki/National_Development_Fund_of_Iran
- ↑ https://www.state.gov/e/eb/tfs/spi/iran/jcpoa/
- ↑ https://sanctionssearch.ofac.treas.gov/Details.aspx?id=5957