YEREVAN, March 18. /ARKA/. Armenian National Assembly is discussing now at the first hearing the government-proposed amendments to the law on insurance and insurance activities.
The amendments imply participation of the government in the Insurance Organization for Financing Exports CJSC, which will be established on the government’s initiative.
The organization will insure exporters or banks financing them against the risk of purchasers’ failure to pay money to borrowers.
On February 14, Armenia’s government instructed the economy ministry to set up a group for doing the paperwork necessary for establishing the company.
Economy Minister Tigran Davtyan, presenting the bill to lawmakers, said that the government’s participation in the Insurance Organization for Financing Exports CJSC will allow working out new instruments for promoting local exporters.
The minister stressed that the establishment of this company is in tune with the Armenian government’s export-oriented development strategy.
Parliament Vice-speaker Hermine Naghdalyan, on her side, expressed hope that the project will become an efficient mechanism, not another mere document.
She also stressed that very often private insurance companies are cautious in insuring economic entities. Therefore, the government’s role is very important here. —0—
