International Bank for Economic Co-operation continues to form a partnership network in Uzbekistan, implementing a new deal to support non-oil exports of its member states. IBEC issued a reimbursement obligation under a letter of credit opened for the purchase of the Russian metallurgical sector products.
Uzpromstroybank, one of the largest banks in the Republic of Uzbekistan, acted as a partner of IBEC in this interbank reimbursement transaction.
This is the third transaction which was implemented with financial institutions of Uzbekistan this year. Thus, the Uzbek market is becoming a new geographical vector for supporting the economic relations of member states, where the tools offered by IBEC for trade and syndicated financing transactions are increasingly used.
In times of economic turbulences, off-balance sheet trade finance instruments, which support foreign trade operations, are in high demand. IBEC, which has a focus on trade finance operations and has a stable resource base, provides its counterparties with competitive and comfortable terms of operations. This was appreciated by partners from Uzpromstroybank JSCB (including from core-business departments), which allowed both banks to ensure effective and efficient implementation of the transaction. The first successfully implemented transaction will contribute to further mutually beneficial interbank cooperation between IBEC and JSCB Uzpromstroybank.