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.
