Armen Shahnazaryan became the new executive director of SJSC "Export Insurance Agency of Armenia"

ArmInfo. The Minister of Economic Development and Investments of the Republic of Armenia, the Chairman of the Council of the "Export Insurance Agency of Armenia" Suren Karayan visited the organization on August 11, familiarized with the upcoming programs.

As the press service of the Ministry reports, Suren Karayan presented the newly appointed chief executive Armen Shahnazaryan to the staff of the EIAA. He replaced Vazgen Abgaryan, who held this post in 2016.

On the eve of the meeting of the Armenian government, a decision was made to release Armen Shahnazaryan from the post of the head of the staff of the Ministry of Economic Development and Investments of Armenia. Armen Shahnazaryan held this post since January 2015.

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.

To remind, the Government of Armenia in the new and already approved program of its activities for 2017- 2022. Recorded that it plans to double the growth of insured transactions. In addition, the government intends to ensure in the next five years an average annual economic growth of 5%, increase the share of exports in Armenia's GDP to 40% (versus 16%), and raise the level of the nominal minimum wage by 25%.