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Export Insurance Agency of Armenia (EIAA) and Converse Bank CJSC have signed a memorandum of cooperation. within its framework EIAA and Converse Bank will implement a program aimed at increasing the output of RA resident economic entities, promotion of export, and expansion of sales markets, the Bank reported in a release.

“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. according to the source.

Having signed the Memorandum, Converse Bank will provide funds to RA 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 CJSC 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,” said EIAA’s Executive Director Armen Shahnazaryan.

Converse Bank provides the full range of banking services: lending, deposits, payment cards, investment and custodian services, remote services, online payments, etc.

It is noted that as of 30.09.2017, the Bank’s assets amount to AMD 233,5 billion, the liabilities - AMD 198,6 billion, and the total capital - AMD 34,9 billion.

Export Insurance Agency of Armenia CJSC was established in 2013 by the decision of the Government of the RA to promote export by small and medium enterprises and make funding resources affordable for them.