Armenia to have exports insuring organization

24.04.2013 14:23
Armenia to have exports insuring organization

YEREVAN, April 24. / ARKA /.Deputy economy minister Karne Minasian said Tuesday that an organization will be created in Armenia to insure exports.

"The government will soon consider a relevant concept and we expect that beginning from autumn of 2013 we will start providing export insurances," she said at the final press conference in connection with the termination of a USAID-funded Partners for Financial Stability (PFS) project worth a total of $1 million.

She said the concept was designed by experts from the Czech Republic, invited by USAID.

USAID/Armenia Mission Director Karen Hilliard called Tuesday on Armenian partners to continue and successfully conclude the reforms. She said the government should cooperate with specialized agencies and private sector. She said the USAID is also ready to continue cooperation within the framework of a new PFS project.

Over the past three years, PFS worked with the Armenian government, the Central Bank of Armenia (CBA), the private sector, business associations, and other key stakeholders in the financial sector to reform the processes that limit enterprise competitiveness in Armenia. The project also helped to explore and test innovative solutions targeting various segments of the financial sector. PFS assisted the government of Armenia to establish the Export Credit Agency, supported the CBA to develop the concept of the Dilijan Research and Training Center, enhanced the CBA’s crisis preparedness capacity, and assisted the ministry of finance to enhance the quality of accounting and auditing services.

In addition, PFS worked with professional associations to update financial reporting standards and launch an electronic library for financial sector professionals. PFS also facilitated dialogue between public and private counterparts to tackle the challenges of micro, small and medium enterprises in accessing financial services. -0-

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