ArmInfo. From the point of view of fulfillment of obligations under export contracts, the Armenian producers and exporters of the USA, Germany, Italy and France were the most unfair. The Executive Director of the Export Insurance Agency of Armenia (ESAA) Vazgen Abagryan expressed this opinion on April 11 during a press conference. "These are the most developed countries, but according to our statistics, however it was illogical, it was the companies of these countries that turned out to be the most unscrupulous," he stressed.
In this regard, he explained that by the end of 2016, the Agency recorded 4 cases of non-fulfillment of payment obligations to exporters of alcoholic beverages and food producers of Armenia. "In total, the amount of debt that we returned in 100% volume amounted to about 600 million AMD," he said.
Abagaryan said that in cases when it is not possible to come to an agreement with foreign customers, EIAA reimburses up to 95%, of which only 10% of the agency's capital. The remaining amount is covered under the agreement with the Swiss insurance company on reinsurance of risks.
To note, the Insurance Company CJSC "Export Insurance Agency" was established in late October 2013 by the decision of the Government of the Republic as an effective tool for export promotion .The main function of the Agency is insurance of exporters (small and medium enterprises) that are residents of Armenia from financial risks (losses) in those cases when the foreign buyer does not fulfill his obligations under the export contract on the terms of payment for goods placed in installments. Trade risk, when the buyer refuses to pay 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 inability to pay due to other political events.
In 2016, the agency's portfolio amounted to 3 billion AMD. If at the beginning of its activity in 2015, Russia had all the export guarantees of the agency, then in the past year, the US, Germany, the Czech Republic, Italy and other countries began to appear in export directions.