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Cooperation between International Bank for Economic Co-operation and National Factoring Company bank, one of the largest Russian players in this sector of financial services, continues its active development. Another transaction was implemented — to finance factoring payments for a period of 3 months.

The International Bank for Economic Co-operation continues its active policy of supporting economic cooperation in the Eastern European region. At the end of September, two more trade finance transactions with Belagroprombank were implemented. Their total amount is about 1.1 million euros with the comfortable for participating companies period of 1 year.

IBEC for the first time acted as a reimbursing bank under a letter of credit of Golomt Bank (Mongolia). The pilot transaction is being implemented under the Agreement, signed in June this year by IBEC Chairman Denis Ivanov and President of Golomt bank Ganbold Galsan, and is aimed at facilitating the procurement of automotive components from Japan to Mongolia.

IBEC has implemented another set of trade finance deals with Belagroprombank, one of its largest partners in the banking sector of the Republic of Belarus.