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05 October 2021, 18:30

Agreement on Eurasian Reinsurance Company to be signed in H1 2022

KABAR photo
KABAR photo

MOSCOW, 5 October (BelTA) – Plans are in place to sign an agreement to set up the Eurasian Reinsurance Company in the Eurasian Economic Union in the first half of 2022, official representative of the Eurasian Economic Commission Iya Malkina told a briefing for the press in Moscow on 5 October, BelTA has learned.

"Currently, the commission is forming a working group that will develop an international agreement to set up the Eurasian Reinsurance Company. The agreement is slated for signing for the first half of 2022," Iya Malkina said.

According to her, the EEC Board reported on the execution of one of the points of the Eurasian economic integration strategy until 2025, which provides for aligning the national financial support measures in the export of jointly produced goods and during the implementation of joint projects in the markets of third countries. The commission, together with the EAEU member states and the Eurasian Development Bank, carried out the necessary work on this item, Iya Malkina said. “First, the Eurasian Development Bank's export financial support program has been approved and put into effect. Its purpose is to provide financial support to business to produce goods and services and to promote their sale in other member states or third countries."

The EDB program is expected to contribute to increasing the volume of export loans in order to maintain mutual trade. The program will be running until 2026 with the possibility of extension for the next five years.

"Work has also been carried out to analyze export insurance practices. The Intergovernmental Council supported the project to set up the Eurasian Reinsurance Company, an institute of insurance support for mutual and foreign trade in the EAEU,” Iya Malkina recalled.

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