ACBA-Credit Agricole Bank signed a memorandum of cooperation with Armenia’s Export Insurance Agency (EIA) to finance exporting companies by means of the Agency’s insurance certificates on condition that deferred payments be used for exporting goods.

ACBA-Credit Agricole Bank CEO Hakob Andreasyan said export insurance will enable the Bank to more easily implement cash assets financing (export factoring) with exporter companies. According to him, the product will minimize the risks both for the bank and exporters.

“The Agency seeks to promote exports from Armenia,” EIA Executive Director Vazgen Abgaryan said, in turn.

“The most important component of our insurance toolkit is to secure accessible collateral-free and reliable financial resources for exporters. The deal will give a new impetus to raising awareness of the Agency’s services among the host of ACBA customers, especially those in Armenia’s provinces.”

“I am confident that the product will be in great demand in the local market and contribute to increasing the competitiveness of Armenian exporters, expanding production and opening new markets,” Bagaryan added.