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News

08.04.2016

EXIAR signs Сooperation Agreement with the Export Insurance Agency of Armenia

On April 7, 2016, the Russian Agency for Export Credit and Investment Insurance (EXIAR – a part of the Russian Export Center Group (REC)) signed the Cooperation Agreement with the Export Insurance Agency of Armenia (EIAA). EXIAR’s Chairman of the board and CEO Alexey Tyupanov and EIAA’s Chairman of Directorate, Executive Director Vazgen Abgaryan signed the agreement in the presence of Russian Prime Minister Dmitry Medvedev and Armenian Prime Minister Hovik Abrahamyan.

Under the agreement, EXIAR and EIAA will collaborate to further develop and strengthen trade ties between Russian and Armenia, while increasing the export of goods and services from Russia and Armenia to third countries.

EXIAR’s experience in providing insurance to Russian exporters, as well as developed and implemented procedures and business practices also factored in the agreement. To point, EXIAR will provide the necessary methodological and informational support to the Export Insurance Agency of Armenia in order to increase the volume of business EIAA at the CIS and Russian markets.

For its part, the Export Insurance Agency of Armenia will be ready to assist EXIAR in legal issues related to local legislation, and also to assist in increasing the volume of portfolio EXIAR’s deals in the Republic of Armenia.

EXIAR’s Chairman of the board and CEO Alexey Tyupanov noted: «International cooperation is an important direction of the development of the Group REC. The signed agreement with the Export Insurance Agency of Armenia will allow trade and economic cooperation of two countries to be strengthened, while also acting as additional consistent step towards coordinating and developing long term partnership between national export credit agencies of Russia and Armenia in the framework of the Eurasian economic Union (EAEU)».

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-tech exports and investments abroad by insuring export credits against commercial and political risks. The Russian Export Center is EXIAR’s sole shareholder. The agency's charter capital is RUB 43.5 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.

The Export Insurance Agency of Armenia (EIAA) was founded in 2013 by decision of the Government of the Republic of Armenia within the framework of its export-oriented industrial policy. The company provides exporter companies based in Armenia insurance against the financial losses incurred as a result of non-payment for supplied goods by a foreign buyer or its bank which has a payment obligation under contract. The services offered by EIAA are an efficient solution for controlling the export risks of the agency’s clients. EIAA is fully owned by the Republic of Armenia.