YEREVAN. - Ameriabank CJSC and Export Insurance Agency of Armenia ICJSC on Friday signed a cooperation agreement in the bank’s headquarters.

The aim of the agreement is to ensure the companies exporting from Armenia from purchaser’s non-payment due to trade and political risks. Consequently, when getting factoring, the exporters not only get a prepayment opportunity for exported goods, thus increasing the circulating means, but are also insured from purchaser’s further possible non-payment. Getting factoring by the export contract currency gives an opportunity to neutralize possible negative result of foreign currency fluctuation.

President of Ameriabank’s Management Board, General Director Artak Hanesyan noted: “Ameriabank is actively working in the area of factoring, the overall volume of factoring transactions during nine months of the current year amounting to 50 mln USD, 80 percent out of which is covered by factoring. The signing of this agreement will give us an opportunity to carry out factoring through a more facilitated process and restrained risks, which will contribute to the growth of Armenia’s export volumes and thus to that of funding flows entering the republic.”