RA ECONOMY NEEDS EXPORT DEVELOPMENT BANK

/PanARMENIAN.Net/
05.08.2009 19:40 GMT+04:00

/PanARMENIAN.Net/ "There’s no European country without an Export
development bank. I believe Implementation of Export development bank
in RA economic system would promote Armenian production exports,"
RA ex-Premier Hrant Bagratyan told a PanARMENIAN.Net reporter.

According to United Labor Party Leader Gurgen Arsenyan, 3 years ago
the party voiced the necessity of Export development bank formation,
though no serious steps were undertaken in this direction.

Explaining work mechanism of Export development bank, Arsenyan
stressed that the bank is engaged in local manufacturers’ funding,
thus stimulating production export.

"If local manufacturer produced goods for export and found a buyer
abroad, ready to make payment in 3 months, Export development bank
would provide credit for foreign importer," Arsenyan explained, adding
that the credit is actually provided to local manufacturers. "the
importer is given a chance to cover his credit within time-limits set,"
ULP Leader noted.

From: Emil Lazarian | Ararat NewsPress