Financial Tribune - The Export Guarantee Fund of Iran is stepping up efforts to promote non-oil exports to Iraq by offering lower premium rates and cheaper guarantee cover.

On the sidelines of a monthly meeting of the Iran-Iraq Chamber of Commerce, the EGFI chief Afrouz Bahrami said the fund’s fees for export to Iraq is currently 1% which competes with rates quoted by foreign insurers.

“This encourages Iranian traders to expand their presence in Iraq,” IRIB News quoted her as saying.

In the past ten years the fund has provided close to $3.5 billion in export guarantees for trade with Iraq and has paid $113 million in compensation for losses during the period.