Export Development Bank of Iran

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Export Development Bank of Iran
Native name
Persian: بانک توسعه صادرات ایران
Public
Industry Banking, Financial services, Export, Import
Founded 1991
Headquarters Tehran, Iran
Area served
Worldwide
Products Export credit agency, Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, wealth management, credit cards,
Website www.edbi.ir

Export Development Bank of Iran (EDBI) (Persian: بانک توسعه صادرات ايران‎‎) is Iran's Export-Import Bank.[1][2][3] The Bank was incorporated as a policy bank, owned by the Iranian government, and provides financial and other banking services to exporters and investors.[4][5][6] EDBI also is the international representative for the Islamic Development Bank.[7]

History[edit]

Export Development Bank of Iran (EDBI) was established on July 10, 1991, by an Act of the Islamic Consultative Assembly and subsequently initiated its activities in September 1992.[6][2] In a 2011 interview, the Chairman and Managing Director of EDBI, Dr. Kourush Parvizian said, "At the very beginning, the initial capital of the bank was financed by the local banks in Iran, and afterwards the government injected further capital into EDBI."[8] In December 2015, EDBI joined the Association of Developed Financing Institutions in Asia and the Pacific.[9]

International sanctions and lifting[edit]

In 2008, the US Treasury Department labelled EDBI as a proliferator "pursuant to Executive Order 13382 for providing or attempting to provide financial services to Iran's Ministry of Defense and Armed Forces Logistics (MODAFL)."[10] As per the Spokesperson for the United States Department of State, the support by EDBI to MODAFL and its related institutions "permitted these entities to advance Iran’s weapons of mass destruction programs."[10] Post this, EDBI had to stop its financing activities as its parent organization, Central Bank of the Islamic Republic of Iran, was taken off the SWIFT network.[11]

In 2010, the European Union also placed sanctions on EDBI.[12] In 2013, the Iranian Ministry of Economic Affairs and Finance announced that it was in the process of claiming damages from the European Union post the EU's ruling to levy sanctions on the bank.[12] In January 2016, the international sanctions on EDBI were lifted,[13] after which EDBI resumed ties with multiple institutions across the world.[14]

See also[edit]

References[edit]

  1. ^ Tayebeh Nikraftar (Spring 2016). "Analyzing divergent perspective about strategic direction in the Export Development Bank of Iran (EDBI): Research based on Q-methodology - ProQuest". Iranian Journal of Management Studies. Retrieved September 22, 2016. 
  2. ^ a b "Export Development Bank of Iran:: EDBI At a Glance". EDBI site. Retrieved September 22, 2016. 
  3. ^ "Austrian Bank officials negotiate with Export Development Bank of Iran". Islamic Republic News Agency. September 2015. Retrieved September 22, 2016. 
  4. ^ Nouri Iraj, Fattahi Komeyl (Summer 2011). "SID.ir". ACECR Scientific Information Database. Retrieved September 22, 2016. 
  5. ^ "Pakistan project wins support of Export Development Bank of Iran". GTR News. 2009. Retrieved September 22, 2016. 
  6. ^ a b "Export Development Bank of Iran's ratings reinstated despite sanctions: agency". Tehran Times. 19 February 2013. Retrieved September 22, 2016. 
  7. ^ "Export Development Bank of Iran Designated as a Proliferator". Treasury Department. Retrieved September 22, 2016. 
  8. ^ "Dr. Kourush Parvizian: Looking to the Outside - The Business Year". The Business Year. 2011. Retrieved September 22, 2016. 
  9. ^ "Export Development Bank of Iran Joins ADFIAP". Iran-bn.com. Retrieved September 22, 2016. 
  10. ^ a b Office of the Spokesman, US Department of State (22 October 2008). "Treasury Designation of the Export Development Bank of Iran (EDBI) and Affiliated Entities for Proliferation Activities". 2001-2009.state.gov. Retrieved September 22, 2016. 
  11. ^ "EDBI Prepares for Post-Sanction Era". Financialtribune.com. Retrieved September 22, 2016. 
  12. ^ a b "پورتال وزارت امور اقتصاد و دارایی-English-mefa-new-eng-1391/EDBI seeks damages from EU after sanctions lift". Mefa.ir. Retrieved September 22, 2016. 
  13. ^ "Iran economic and financial sanctions relief under the JCPoA" (PDF). UK Government. Retrieved September 22, 2016. 
  14. ^ "Iran resumes ties with 120 foreign banks". Argaam.com. Retrieved September 22, 2016. 

External links[edit]