Export Development Bank of Iran

Export Development Bank of Iran (EDBI) (Persian: بانک توسعه صادرات ايران‎) is Iran's export-import bank.[3] 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.

Export Development Bank of Iran (EDBI)
TypeState-owned enterprise
IndustryBanking
Financial services
Export credit agency
FoundedNovember 24, 1991 (1991-11-24)
FounderGovernment of Iran
HeadquartersTehran, Iran
Number of locations
40 domestic branches
Area served
Worldwide
Key people
Ali Salehabadi
(CEO & Chairman of the Board)
ProductsDevelopment bank, commercial bank, financial services, corporate finance, foreign exchange markets, internet banking, money market, buyer's credit, line of credit
RevenueUS$81.19 million (March 20, 2020)[1]
Total assetsUS$6,210.26 million (March 20, 2020)[1]
Total equityUS$1,297.27 million (March 20, 2020)[1]
Number of employees
1,910 (March 20, 2020)[1]
Subsidiaries
Capital ratio11.59% (March 20, 2020)[1]
RatingCapital Intelligence (CI) Ratings (August 11, 2020) Long and Short Term Foreign Currency Ratings 'B', Bank Standalone Rating 'b', Core Financial Strength 'b', Extraordinary Support Level 'Moderate', Outlook for the LT FCR and BSR 'Negative'[2]
Websitewww.edbi.ir

Backgrounds

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, EDBI 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 on August 11, 2020 announced that it has affirmed the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) of Export Development Bank of Iran (EDBI) at 'B' and 'B', respectively. At the same time, CI Ratings has affirmed EDBI's Bank Standalone Rating (BSR) of 'b', Core Financial Strength (CFS) rating of 'b' and Extraordinary Support Level (ESL) of Moderate. The Outlook for the LT FCR and BSR remains Negative.

Access to the Sovereign Wealth Fund

The Export Development Bank of Iran has access to the Government Fund (Sovereign Wealth Fund) administered by the National Development Fund of Iran [NDFI] 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.

International Sanctions

After January 16, 2016, which marks Implementation Day of the JCPOA, also known as Iran's Nuclear Deal, Export Development Bank of Iran (EDBI) is not currently on the United Nations (UN) or the European Union (EU) Sanction Lists. Nonetheless, according to US Dept. of Treasury, Office of Foreign Assets Control (OFAC) on May 11, 2018, EDBI is on the SDN list, subject to Secondary Sanctions.

References
  1. "Annual Report (March 20, 2020)". EDBI. Retrieved 20 March 2020.
  2. http://www.ciratings.com/news/2020/08/11/3461
  3. Export Development Bank of, Iran. "Export Development Bank of Iran: About Us". en.EDBI.ir. Retrieved 13 September 2020.
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