The agreement was signed on October 20, 2020, in Yerevan. ERC is being created as an international financial organization with appropriate regulations by five countries - Armenia, Russia, Belarus, Kazakhstan, and Kyrgyzstan. The goal of the company is to provide insurance support in mutual trade, stimulate development of investment cooperation, provide export loans and interact with credit agencies and insurance companies, as RA Minister of Economy Vahan Kerobyan explained.
The Minister stressed that the head office of ERC will be in Yerevan, which will be a very serious achievement for the country. According to the minister, after February 24, 2022, a number of international reinsurance companies refused to insure cargoes heading from Armenia to Russia, which led to difficulties for Armenian exporters. ERC will help to create an additional tool for reinsurance of the risks of the export insurance agency of Armenia.