REC's Support for Exports to Armenia Amounts to $72 Million Since Early 2021

The Russian Export Centre’s (REC) support for exports to Armenia in 2020 amounted to over $84 mln, and has exceeded $72 mln since early 2021, Nikita Gusakov, senior vice-president of REC and CEO of the Russian Agency for Export Credit and Investment Insurance (EXIAR), said at the plenary meeting of the 8th Russian-Armenian Interregional Forum.

“In 2021, we have already provided support for exports to Armenia amounting to $72.4 million. On the one hand, these figures are still rather low, but we can see really positive trends”, Gusakov stated.

“We have already implemented a project on the delivery of wagons for the South Caucasus railway, which was supported by the REC group this year. Financial support for the supply of domestic buses for the needs of Yerevan as well as the construction of new underground stations is also discussed”, he said.

The REC Group (part of VEB.RF) provides financial support to Russian companies engaged in export activities in Armenia. The REC supports major infrastructure projects, including the supply of wagons for the South Caucasus railway.

Minister of Economic Development of the Russian Federation Maxim Reshetnikov and Minister of Territorial Administration and Infrastructure of Armenia Gnel Sanosyan delivered their statements at the plenary session of the 8th Russian-Armenian Forum, organised by the Ministry of Economic Development of Russia and the Ministry of Territorial Administration and Infrastructure of Armenia.

The forum also hosts a business mission to Armenia, organised by the Russian Export Centre together with the Ministry of Economy of the Republic of Armenia, the “Investment Support Centre” fund, and the Trade Representation of the Russian Federation in Armenia. As part of the business mission, there will be more than 250 meetings between representatives of Russian and Armenian companies. A total of 24 Russian exporters and more than 70 companies from Armenia will take part in the mission.