The Export Guarantee Fund of Iran (EGFI) and the Export Insurance Agency of Armenia (EIAA) have signed a memorandum of understanding (MoU) to increase co-operation in trade insurance between the two countries.

Under the agreement, the ECAs will work together on co-insurance, reinsurance, credit assessment, claims prevention, debt collection and exchange of information.

The MoU was signed on the sidelines of an Iran-Armenia business forum in Tehran on November 9.

EGFI has provided over US$152mn of export coverage to Armenia over the past 20 years, the Iranian ECA says in a statement.