ArmInfo. In recent 7 months guarantees amounted to 1 bln AMD have been allocated for export insurance of Armenian products, acting Economy Minister of Armenia Artsvik Minasyan told journalists on September 23. According to the Minister huge work has been conducted in this field.
To note, export in Armenia is being insured by Export Insurance Agency of Armenia Insurance CJSC, which was founded on October 23th, 2013 by the decision of the Government of the Republic of Armenia within the framework of the export-oriented industrial policy. The Company provides insurance against the financial losses incurred as a result of non-payment for supplied goods by the Foreign Buyer or its Bank, which has a payment obligation under the Contract. Recently the Agency has introduced a new service-insurance of pre-export financing, which will help producers in raising funds for enlarging production in case of there is guaranteed export contract.