YEREVAN. – The German KfW bank will provide Armenia with a 5 million euro grant to support agriculture insurance, project coordinator Bella Andreasyan told Armenian News-NEWS.am.
The amount will be allocated in 2017 for a pilot project set for 2018-21. The Armenian government is also expected to provide its support to the project.
A consulting company will issue recommendations for the types of risks (hail, drought), extent of damage, subsidies provided by insurance. An international tender to choose a company was invited by the German government.
Given the high risks in the agriculture of Armenia and the lack of experience in the insurance market, German government will support and help to attract experienced insurance company that will agree to reinsure the risks of domestic insurers.