Prime Minister Karen Karapetyan today received a delegation led by Ambassador Extraordinary and Plenipotentiary of the Federal Republic of Germany to the Republic of Armenia, Mathias Kisler, including representatives of the German Development Bank (KfW), MF Strategy, MicroInsurance Center and AgroConsulting, and Swiss Re and Agroinsurance International reinsurance organization. As a result of the tender announced by the KfW bank, a consortium consisting of 3 companies was selected, with the Ministry of Agriculture and Central Bank of Armenia preparing a pilot agricultural insurance program.

The prime minister thanked the German government for assistance in the introduction of an insurance system in the agricultural sector and expressed readiness to expand cooperation with other agricultural sectors. Karen Karapetyan, presenting the reforms in this area, noted that the government's goal is to have efficient, smart farming, one of the key components of which is insurance. The head of the government also informed that in order to reduce the risks of the insurance business, a pilot project of the anti-hail missile system is being implemented.

According to the German ambassador to Armenia, the agricultural insurance program is innovative and promising, and the Government of the Federal Republic of Germany is ready to continue assisting the Armenian government in developing cooperation in the areas of mutual interest.

KfW Representative Monica Guntner welcomed the Government's commitment to implement long-term sustainable development projects in the agricultural sector and noted that the German Development Bank is interested in deepening close cooperation with Armenia and implementing long-term initiatives.

The sides exchanged views on the agenda of discussions and further steps between the RA Ministry of Agriculture, the Central Bank, insurance market representatives and international experts.

Within the framework of the pilot project KfW will provide a 5 million euro grant and there will be co-financing from the state budget, which will be directed to subsidizing insurance payments.

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