Export Development Bank of Iran

35°44′06″N 51°24′55″E / 35.735006°N 51.415398°E / 35.735006; 51.415398

Export Development Bank of Iran (EDBI)
Company typeState-owned bank
IndustryBanking
Financial services
Export credit agency
Founded10 July 1991; 33 years ago (1991-07-10)
FounderGovernment of Iran
HeadquartersTehran, Iran
Number of locations
38 domestic branches (20 March 2024)
Area served
Iran
Key people
Afshin Khani
(Managing Director)
ProductsDevelopment bank, commercial bank, financial services, corporate finance, foreign exchange markets, internet banking, money market, buyer's credit, line of credit
Number of employees
1,786 (20 March 2024)
Subsidiaries
Subsidiaries
  • Banco Internacional de Desarrollo C.A. (Banco Universal),[1] Urb. El Rosal, Av. Francisco de Miranda, Edificio Dozsa, Piso 8, C.P. 1060 Caracas, Venezuela, SWIFT: IDUNVECA

  • Iran-Venezuela Bi-National Bank, (IVBB),[2] No. 19, Seoul St., Sheikh Bahaei Sq., Tehran, Iran, SWIFT: IVBBIRH

  • Tamaddon Investment Bank (TIB),[3] No. 6, 14th West Alley, Beyhaqi Blvd., Argentina Sq., Tehran, Iran
RatingCapital Intelligence (CI) Ratings (07 November 2023) 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 'Stable', Operating Environment Risk Anchor, C+[4]
Websitewww.edbi.ir

Export Development Bank of Iran (EDBI) (Persian: بانک توسعه صادرات ايران, Bank Tuse'h-e Sadârat-e Iran) 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.

Overview

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Pursuant to the approval made by the Extraordinary General Assembly Meeting of the Banks, the Export Development Bank of Iran was founded on 10 July 1991, and subsequently became operational on 24 November 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.[5]

Access to the Sovereign Wealth Fund

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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 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.

Key financial data (Consolidated)

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Financial data[6](IRR million)
Financial Year End 20.03.2024 20.03.2023 20.03.2022 20.03.2021
Total Assets 1,934,502,667 1,179,678,954 1,040,943,171 937,459,144
Total Liabilities 1,558,666,287 938,156,814 832,539,363 758,070,391
Shareholders' Equity 375,836,380 241,522,140 208,403,808 179,388,753
Net Profit 38,824,637 20,061,798 13,266,440 22,511,850

1USD= IRR 401,887 (as of 20 March 2024)

International sanctions

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After 16 January 2016, which marks Implementation Day of the JCPOA[7] , also known as Iran's Nuclear Deal, Export Development Bank of Iran (EDBI) is not 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 11 May 2018, EDBI is on the SDN list, subject to Secondary Sanctions.

References

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  1. ^ https://www.bid.com.ve/ [bare URL]
  2. ^ https://ivbb.ir/en-US/Portal/1/page/Home Archived 12 August 2022 at the Wayback Machine [bare URL]
  3. ^ "| Tamadon Investment Bank".
  4. ^ "Ratings of Export Development Bank of Iran Withdrawn (07/11/2023) | Capital Intelligence (CI) | Credit Analysis & Ratings".
  5. ^ https://en.edbi.ir/general_content/1602/1602.htm Archived 27 May 2022 at the Wayback Machine [bare URL]
  6. ^ "Export Development Bank of Iran:: About Us". Archived from the original on 27 May 2022. Retrieved 14 September 2020.
  7. ^ "Joint Comprehensive Plan of Action".
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