News

International Bank for Economic Co-operation has provided a targeted loan to the Ulaanbataar Railway (UBTZ) for the purchase of locomotives produced by the Russian Transmashholding JSC. Tied financing for a period of 11 years from Roseximbank JSC with the insurance coverage by EXIAR, successfully attracted in June 2020, allowed the Bank to implement the transaction with the maximum efficiency.

International rating agency Fitch Ratings has confirmed positive outlook on the rating of the International Bank for Economic Co-operation in the context of the ongoing global crisis caused by the COVID-19 pandemic. On March 11, 2020 Fitch Ratings has revised the Outlook on IBEC, namely: Long-Term Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at «BBB-». IBEC’s Short-Term IDR has been affirmed at «F3».

On June 15, 2020, IBEC successfully placed second bond issue on the Moscow Exchange (series 001R-02). Investors reacted positively — the issue with a total nominal value of 5 billion rubles was fully subscribed.

International Bank for Economic Co-operation has opened a credit line to the Bulgarian Doverie United Holding, which is part of the Sopharma AD group. The amount of financing is EUR 5 million, the funds will be allocated for the implementation of ongoing projects of the holding enterprises.