YEREVAN, November 28. / ARKA /. The Central Bank of Armenia said today it has registered an insurance company called CJSC Export Insuring Agency. The Central Bank granted the company a license for “credit insurance.”
The government decision to establish an agency for insuring exports was made on October 17. The new government body will have about 2 billion drams capital.
Earlier finance minister David Sargsyan said this amount would be allocated from the sale of the first-ever Armenian Eurobonds.
According to the government decision, the agency will have 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. The remaining 450 million drams will be channeled into creating a reserve fund.
The agency’s shares which are fully owned by the government will be managed by the ministries of economy, finance, foreign affairs, agriculture and energy and natural resources.
The agency will focus 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 – 403.92 drams). -0-
