The Export Guarantee Fund of Iran (EGFI) has signed agreements with Germany’s Hermes insurance firm and Swiss Export Risk Insurance (SERV) to provide cover for transactions with Europe, a report said.

Under the agreement, the Iranian and European sides will cooperate on "exchange of economic, trade and banking information, reinsurance coverage, coinsurance, and training", reported Iran Daily, citing Irna.

"Given our good track record in repayment of finance instalments and Iran's foreign exchange reserves and the nonexistence of outstanding debts, these institutions are interested in the Iranian financing market despite the problems created by the US Treasury," EGFI managing director Kamal Seyyed-Ali was quoted as saying in the report.