International Bank for Economic Co-operation has completed the first trade finance deal with Mongolian Capitron Bank. IBEC provided a targeted trade loan for a period of 1 year to finance the supply of Russian food products to the Mongolian market. In a pandemic and tightening quarantine measures in Mongolia, this operation contributes to ensuring socio-economic stability.
This is the first practical step in the implementation of the General Agreement between the two banks, signed in November this year. Other similar deals are currently under consideration. IBEC and Capitron Bank see prospects for further development of cooperation, in particular in the trade finance sector using a wide range of available instruments.
Capitron Bank is a new IBEC partner in Mongolia. One of the most dynamically developing financial institutions in Mongolia (6th in terms of assets) has more than 40 branches and focuses on working with small and medium-sized businesses.