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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.

The International Bank for Economic Co-operation has begun the practical implementation of transactions for the development of international factoring. The first deal was closed on September 11th. IBEC provided financing to the National Factoring Company (NFC) Bank for the implementation of export factoring operations under a contract for the supply of Russian metallurgical products to Poland. It is noteworthy that the launch of a new product for the Bank goes in line with the support of foreign trade between the countries participating in the Bank, one of the key components of the IBEC mandate.

International Bank for Economic Co-operation conducted the first transaction with Belarusbank within the framework of the General Financing Agreement concluded in July 2019.