Company:Export Development Bank of Iran

Export Development Bank of Iran (EDBI)

Type	State-owned enterprise
Industry	Banking Financial services Export Credit Agency
Founded	November 24, 1991 (1991-11-24)
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 , Corporate Finance Line of credit
Revenue	US$294.55 million (20 March 2017)
Total assets	US$6,365.05 million (20 March 2017)
Total equity	US$1,323.71 million (20 March 2017)
Number of employees	1500 (20 March 2017)
Subsidiaries	Banco Internacional de Desarrollo C.A. (Banco Universal), Urb. El Rosal, Av. Francisco de Miranda, Edificio Dozsa, Piso 8, C.P. 1060 Caracas, Venezuela, SWIFT: IDUNVECA
Website	www.edbi.ir

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

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, the international credit rating agency, in 2018 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 ‘Negative’ outlook, and remain at the sovereign level. 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) 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, currently Export Development Bank of Iran (EDBI) is not on the United Nations (UN) or the European Union (EU) Sanction Lists. However, according to US Dept of Treasury, Office of Foreign Assets Control (OFAC) on 05.11.2018, EDBI is on the SDN list and subject to Secondary Sanctions.