General information

IBEC

– Reliable and efficient partner supporting export-import activities, which benefit member countries, and offering competitive financial products and services

Key Facts Download PDF, 260 Kb

The Bank is a supranational inter-governmental organization with its highest governing body – the Council - composed of Central Banks’ and Ministries of Finance’ high level representatives. The Bank also enjoys immunities and privileges on the territories of its member countries.

The unique geographical composition of the Bank's members contributes to the development of integration between member countries and with other regions, bringing together the economic interests of the East and West. The main directions of the Bank's activities are to support export-oriented companies of the member countries, assist them in entering new markets and participating in sustainable development projects in accordance with the 2030 Agenda. The Bank provides targeted support for export and import operations in the member countries of the Bank by providing loans and participating in syndicated transactions. The difference between IBEC and other multilateral development banks (MDBs) lies in its ability to provide cash management services, including an unlimited settlement function.

IBEC Today

Foreign Trade Service Center

IBEC – international financial organization acting as a service center for its member states’ foreign trade: Vietnam, Mongolia, Russia.

IBEC Member states

Export-Import Support Partner

The Bank carries out trade and syndicated financing operations and targeted financing to support export-import operations of the Bank's member countries, including with other countries, as well as local trade operations.

Work with us

Financial institution implementing strategically important projects

The Bank provides financing for strategically important projects for the economies of the participating countries aimed at developing and supporting exports, innovation, healthcare, infrastructure, implementing socially significant programs and green finance projects.

Projects

Development history and significant events

20 20

The Bank shows a sustainable growth of its key financial indicators even in the context of the COVID-19 pandemic.

IBEC received new investment credit ratings: Baa3 from Moody’s agency with a stable outlook, A- / AAA (RU) from the Russian agency ACRA and BBB with a stable outlook from ACRA Europe. Fitch Ratings agency revised the outlook of Long-Term Issuer Default Rating (IDR) from stable to positive. The IBEC Council approved the Development Strategy for 2021–2025, which presents the Bank’s ambition to «grow for stability» during the next five years’ period.

20 19

2019 – New organizational structure and staffing table come into force.

New recruitment system is introduced: candidates for vacancies in the Bank are selected based on an international competition. The Bank places the first in its history bond issue on the Moscow Exchange in the amount of 7 billion rubles (approx. EUR 100 million in equivalent).

20 18

2018 – Start of a full-pledged reform of the Bank: appointment of the new Chairman of the Board and renewal of the management team.

The IBEC Council approved the Bratislava Concept of the Bank’s further development providing for the large-scale internal transformation of IBEC, as well as the Updated Strategy for the period until 2020. The Bank actively develops its business and expands the range of products and services.

20 17

2017 – IBEC receives its first international credit rating.

Fitch Ratings agency assigned the investment-grade ratings to IBEC: the long-term BBB- with a stable outlook and the short-term F3.
By order of the Russian Prime Minister, IBEC is included in the list of international financial institutions whose securities are authorized for public offering and circulation in the Russian Federation.

20 16

2016 – Aiming to expand the scale of IBEC's operating activities in accordance with the Bank's Strategy, at the initiative of the Bank's member countries, the paid-in part of the authorized capital is increased to EUR 200 million.

20 15

2015 – The Council of the Bank approves the Strategy for Renewal and Development of the Activities of IBEC for the 2016–2020 period, which determined the main directions of the Bank's activities: arranging and servicing foreign trade operations between organizations of IBEC member countries, between organizations of the Bank's member countries and third countries, as well as financial support of enterprises from the member countries of the Bank.

20 13

2013 – Cuba withdraws from the Bank, the mutual financial relations between IBEC and the Republic of Cuba and fully settled.

20 12

2012 – IBEC joins the Asian Bankers Association.

20 07

2007 – The mutual financial relations between IBEC and the Russian Federation, the legal successor of the former USSR, are settled.

19 99

1999 – Euro becomes the Bank’s balance currency.

19 96

1996 – IBEC becomes a full member of the Banking Association for Central and Eastern Europe (BACEE).

19 92

1992 – Hungary decides to withdraw from the Bank.

19 91

1991 – IBEC becomes one of the founders and a member of the Centre of interbank foreign exchange operations of the State Bank of the USSR – Currency Exchange (later – Moscow Interbank Currency Exchange).

19 90

1990 – The Council of the Bank decides to terminate the system of multilateral settlements in transferable rubles and switch to mutual settlements in convertible currencies from January 1, 1991.

The ECU becomes the balance currency of IBEC. The Bank’s authorized capital is 400 million ECU.

19 85

1985 – The Bank expands the range of currencies of its operations.

IBEC increases the volume of transactions in Japanese yen and begins to conduct transactions in ECU.

19 77

1977 – The Socialist Republic of Vietnam becomes an IBEC member country.

19 74

1974 – The Republic of Cuba becomes an IBEC member country.

19 64

1964 – The collective currency of the COMECON countries – the transferable ruble – was introduced together with the multilateral system of payments in this currency (via IBEC), replacing the previously used bilateral clearing settlements.

IBEC’s authorized capital is set at 300 million transferable rubles.

19 63

October 22, 1963 – The COMECON member countries (Bulgaria, Hungary, Germany (DDR), Mongolia, Poland, Romania, the USSR and Czechoslovakia) established the International Bank for Economic Co-operation in accordance with the international Agreement registered with the United Nations.

The Bank’s aims are to facilitate the implementation of mutual commitments on supply shipments of COMECON member countries and their economic cooperation with other countries by means of multilateral settlements in transferable rubles and convertible currency.

IBEC Features

The geographical composition of member countries contributes to the development of cross-border trade relations of the Asian countries.

The IBEC can act as both the home bank of the exporter and the bank of the importer, thus supporting various foreign trade operations of the IBEC member countries and contributing to the strengthening of their economic ties.

The ability to perform the settlement function, open and maintain customer accounts both in the main world currencies and in the currencies of the member countries.

Our partners

International institutions, Development Banks, Export Credit Agencies

Commercial banks

Non-financial organizations of the IBEC member countries