Export Insurance Agency of Armenia and KfW consider cooperation  opportunities

ArmInfo. The Export Insurance  Agency of Armenia (EIAA) and the German Development Bank KfW are  considering cooperation opportunities. This was announced during the  July 3 meeting of the Executive Director, Chairman of the Directorate  of the Export Insurance Agency of Armenia Armen Shahnazaryan with the  head of the programs of the German Development Bank KfW Monica  Gunther and the senior coordinator of the programs of the KfW Yerevan  office Bella Sedrakyan.

According to the press service of the Agency, during the meeting the  parties discussed a number of issues related to the possibilities for  cooperation and mutual assistance in the field of financing  international trade.  During the meeting, the participants also  exchanged views on the future prospects of cooperation in agriculture  and export promotion, stimulating the efficiency of exports in other  areas, increasing the level of involvement of SMEs, expanding  cooperation with international financial institutions.

CJSC "Export Insurance Agency of Armenia" was founded in late October  2013 by the decision of the government of the republic as an  effective instrument to stimulate exports. The main function of the  Agency is to insure exporters (small and medium-sized 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.