On April 11, a press conference of Vazgen Abgaryan, the Executive Director of Export Insurance Agency of Armenia was held at the of Economic Development and Investments of RA.

Export Insurance Agency of Armenia Insurance CJSC was founded by the Government decision in October 2013 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.

Vazgen Abgaryan noted that in 2016 the Agency registered significant growth in all indicators. In particular, he said that by the end of 2016, 60 companies had applied to EIAA who had approved insurance limits for 4 billion AMD, which exceeded the figure of the past year by almost 4 times, insurance contracts were signed for 2.1 billion AMD, which is 5 times more than in 2015.

At the same time, Abgaryan noted that similar trends continue in 2017. So, according to him, in the first quarter growth on insurance limits was fixed at 75% to 1 billion AMD, with insurance contracts growing almost 5 times to 580.2 million AMD.

However, the head of EIAA said that along with the growth of indicators, in 2016 export directions were diversified. "If in 2015 Russia had all the export deliveries, last year, the US, Germany, the Czech Republic, and Italy were listed as export destinations," he summarized.