Armenian Export Insurance Agency issued another export insurance certificate to IT company Qube

ArmInfo. CJSC Export Insurance Agency (ESA) issued another export insurance certificate to IT company Qube, which will allow the company to avoid the risk of non- payment of expected revenues from the sale of mobile applications, in parallel with what will allow to claim unsecured financing under a simplified scheme and acceptable interest rates. ArmInfo was informed about this by the press service of the EIA.

According to the executive director, the head of the Directorate Armen Shahnazaryan, Qube is the first technology company to use the services of the EIA. At the same time A.Shakhnazaryan expressed hope that subsequently cooperation with Qube will become an example for other IT companies. In this regard, he noted that in the future the agency plans to expand the range of products for exporters, especially those engaged in IT.

For his part, co-founder of Qube Garik Avetisyan stressed that thanks to cooperation with EIA, which lasts over a year, the company managed to receive regular factoring financing through a commercial bank without real estate collateral. "As a result, every day we are able to expand the capabilities of application development and export volumes, effectively managing working capital," he added.

To note, the insurance CJSC Export Insurance Agency was established in late October 2013 by a decision of the government of the republic as an effective tool to stimulate exports. The main function of the Agency is to insure exporters (small and medium enterprises) that are residents of Armenia against financial risks (losses) in cases when the foreign buyer does not fulfill his obligations under the export contract on the terms of payment of goods delivered in installments. Non-fulfillment of obligations is caused by trade risk, when the buyer refuses payment due to bankruptcy or without legal justification, or political risk - in case of restriction of trade or bank transfers, prohibition or restriction on currency exchange, as well as natural disasters, wars and impossibility of payment due to other political events.