A cooperation memorandum was signed between ACBA-CREDIT AGRIOCLE BANK and Export insurance agency of Armenia. Thanks to the memorandum the Bank will be able to finance the companies that export products from Armenia with the insurance certificates issued by the Agency in case of exports made according to the delayed payment terms.
The chief executive officer of ACBA-CREDIT AGRICOLE BANK Hakob Andreasyan mentioned in his speech that the export insurance gives opportunities to the Bank to make financing of monetary funds (export factoring) in a more simplified procedure with the exporting companies.
The product offered by the Bank will minimize the risk of either the Bank or the exporter.
In his speech the executive officer of «Export insurance agency of Armenia» ICJSC Vazgen Abgaryan noted: “The mission of EIA ICJSC is the promotion of RA export. The most important element of the company’s insurance tools is the establishment of accessibility for the exporters to financial resources which are more affordable and don’t need pledging. The cooperation agreement signed with ACBA-CREDIT AGRICOLE Bank will boost the increase of awareness among the Bank’s customers about the services of the Agency, especially in RA regions. I am sure that as a result of our cooperative work with the Bank this new financial product will be in great demand significantly enhancing the competitiveness of Armenian exporters, increase of production volumes and identification of new markets”.