News

IBEC delegation held a meeting with Ms. Mariyana Nikolova, Deputy Prime Minister of Bulgaria in charge of Economic and Demographic Policy and Minister of Tourism. Boyko Kotsev, member of the IBEC Board and former Ambassador of Bulgaria to Russia, provided information on the Bank’s financial support for Bulgarian oil and gas, pharmaceutical, telecommunications and insurance sectors, as well as financing of Bulgarian exports.

International Bank for Economic Co-operation takes part in the implementation of foreign trade contracts of the largest Russian exporter, Chelyabinsk Pipe Rolling Plant PJSC, providing for the supply of pipes of various nomenclatures from Russia to Uzbekistan. IBEC confirmed several letters of credit from Uzpromstroybank for a total amount of almost USD 2 million for up to 5 months.

International Bank for Economic Co-operation continues to implement its plans to support green economy and social and environmental infrastructure projects. The Bank took part in the placement of a green bond issue by the Romanian group Globalworth. Against the background of the high interest from investors — the total volume of applications exceeded the 400 million issue by 2.5 times — IBEC purchased securities in the total amount of EUR 7 million. Bonds maturing in 2026 were placed with a yield of 3.4% per annum.

International Bank for Economic Co-operation has disclosed interim financial results for the 1st half of 2020 in accordance with the international reporting standards with an auditor’s conclusion based on the results of the review.