RA economy needs Export development bank

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.