Export Insurance Agency of Armenia (EIAA) and Converse Bank CJSC have signed Memorandum of Cooperation.
      
According to the bank, within the frames of the cooperation EIAA and Converse Bank will implement a program, aimed at increasing the output of Armenia’s resident economic entities, promotion of export, and expansion of sales markets.

“Development of economy in Armenia, promotion of competitive products at international markets, and supporting export are among the most important directions of Converse Bank’s activity. Having signed the memorandum, Converse Bank will provide funds to Armenia’s resident exporting companies via simplified procedure and at affordable interest rates, to replenish their working capital. The funds can be used both for manufacturing of products and at post-export stages. The companies will not be required to provide collateral for funding; certificates of insurance issued by EIAA will be accepted as means of security,” stated Converse Bank’s Chief Executive Officer Artur Hakobyan.

“I am certain that cooperation with Converse Bank will result in further increase of demand for EIAA’s services, which will contribute to the growth of the exporters’ competitiveness and expansion of export opportunities,” stressed EIAA’s Executive Director Armen Shahnazaryan.