EEU export agencies to insure and reinsure one another’s exports
11.03.2015,
14:06
Export agencies across the Eurasian Economic Union (EEU) will be able to create joint products for insuring one another’s exports, Andrei Slepnev, EEU trade minister said today.
YEREVAN, March 11. / ARKA /. Export agencies across the Eurasian Economic Union (EEU) will be able to create joint products for insuring one another’s exports, Andrei Slepnev, EEU trade minister said today.
Speaking at an investment conference he said a draft memorandum was prepared to that end. In Russia, export insurance is provided by Export Insurance Agency (EXIAR), which is a subsidiary of Vnesheconombank (VEB). EXIAR was founded in 2011.
The Armenian Export Insurance Agency established in 2013 October began offering export insurance services form this March. The agency’s capital is worth 2 billion drams - 1.5 billion drams of authorized capital, which is the equivalent of 150,000 ordinary bonds with a nominal value of 10,000 drams each and 450 million drams channeled into a reserve fund.
The agency’s shares which are fully owned by the government are managed by the ministries of economy, finance, foreign affairs, agriculture and energy and natural resources. The agency focuses its activities on insurance of exporters or their financing banks against the risk of non-payment by the borrower / buyer, as well as on lowering export rates. ($ 1 - 480.38 drams). -0-
