Background

IBEC develops relations with Armenia

International Bank for Economic Co-operation and Ardshinbank (Armenia) have provided financing under a foreign trade contract for the supply of consumer goods from Russia to Armenia. Funds in the amount of 0.6 million euros were allocated for six months.

This is the second transaction between the two banks since the General Agreement on Cooperation has been signed. In the process of its preparation, banks have worked out cooperation mechanisms for further joint operations. Armenia becomes another CIS country after the Republic of Belarus, where the trade finance instruments offered by IBEC are in demand. Given the historically established economic ties with the respective member states of the Bank, and above all with Russia, support for the development of foreign trade and economic relations with Armenia will become more and more relevant among the Bank's customers.

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