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EghtesadOnline: Export Guarantee Fund of Iran 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 agreement was signed by Kamal Seyyed Ali, the head of EGFI, and Maria Jose Melo, the head of COSEC’s International Relations Department, in the presence of Jorge Costa Oliveira, Portugal’s deputy economy minister.

“ECAs [export credit agencies] can play a significant role in expanding relations between Iran and Portugal,” said Oliveira, adding that his country is ready to help Iran in its oil and gas exports to European and African countries, Financial Tribune reported.

Seyyed Ali also called for improving banking relations between the two countries, which is of high importance for boosting bilateral commercial relations.

The private insurance COSEC has the mandate to manage the official export credit guarantee scheme on behalf of the Portuguese government.

EGFI is Iran’s state-owned export credit agency, affiliated with the Ministry of Industries, Mining and Trade. It is also a member of Berne Union.

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.

The trade volume of the two countries was $128.1 million in March 2015-16.

Iran Insurance Iran-Portugal cooperation Export Guarantee Fund of Iran COSEC