INTERNATIONAL BANK CONFERENCE ON FOREIGN TRADE FINANCING HELD IN YEREVAN
YEREVAN, MARCH 28. ARMINFO. A big international bank conference
on foreign trade financing has set off in Yerevan today, reports
ARMINFO correspondent. The initiators of the conference are EBRD,
EU and ArmEconomBank.
President of Armenian Central Bank Tigran Sargsyan read out Armenian
President Robert Kocharyan’s welcoming address to the conferees.
Kocharyan notes the importance of such events for the development
of Armenia foreign trade. He wishes the conferees fruitful work and
strong ties.
Deputy Trade and Economic Development Minister Tigran Davtyan read out
the welcoming address of Armenian Prime Minister Andranik Margaryan,
who notes the importance of enlarging joint trade projects, increasing
the export of Armenian products, raising their competitiveness in
the world, improving the business climate in Armenia.
CB President Tigran Sargsyan noted the importance of new international
trade financing instruments but regrets that few of them are applied
in Armenia. Most Armenian banks just give elementary bills of credit
and short-term credits to exporters and importers, which strongly
limits the capacities of Armenian producers and importers. The
application of internationally accepted instruments will allow to
enlarge partnership, to reduce risks in foreign trade and to give
stimulus to the economy development.
Sargsyan noted the big role of EBRD’s trade financing programs, which
allow Armenian banks to finance trade with foreign partners. He said
that Armenian banks need international ratings for establishing strong
direct contacts with authoritative international banking structures.
EBRD Director for South Caucasus, Belarus and Moldova Michael Davey
said that the trade financing sector is dynamically developing in
Armenia and urged the international conferees to establish tighter
cooperation with Armenian banks. He said that last year alone EBRD
allocated 20 mln EUR for financing trade, pharmaceutics, energy
and insurance in Armenia. He noted that there are certain political
risks in Armenia but they play no big role in the cooperation with
Armenian partners.
ArmEconomBank President Ashot Osipyan said that due to its involvement
in EBRD programs Armeconom has established own ties with foreign
partners and is actively working in trade financing.
Attending the conference are representatives of such big international
banking structures as American Express Bank, Reiffeisen Bank, Deutsche
Bank, CommerzBank, Dresden Bank, City Bank, International Financial
Corporation as well as of UAE, Russian, Syrian and Ukrainian banks.