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 Russian exporting company is a small enterprise, which specializes in production of galvanized steel coils, producing high-added value technological products. Rolled steel is an essential component for the production of various building materials, such as sandwich panels, roofing materials, elements of drainage systems. Support for small and medium enterprises is one of the directions of the IBEC strategy as a multilateral development bank.
Deliveries will be made to Poland and Lithuania, which expands the geographic diversification of IBEC operations. Along with supporting commodity circulation between the member states, the Bank financed a transaction aimed at export to the Baltic region.
This IBEC transaction combines the development of factoring as a new area of trade finance, support for the SME sector and foreign trade operations in the geographic area of the bank.