Background

IBEC documentary instruments for Mongolia's foreign trade

International Bank for Economic Co-operation has completed trade finance deals with one of its committed partners – Golomt Bank (Mongolia). IBEC issued reimbursement obligations totaling USD 3.5 million. They provide supplies of railway equipment from Germany and petrochemical products from Singapore to Mongolia. Stable business ties between the two financial institutions make it possible to promptly meet the needs of Mongolian importers, providing them with efficient and comfortable contract execution schemes.

Commerzbank AG took part in both letter of credit transactions as a confirming bank. In particular, Commerzbank AG Singapore confirmed a new letter of credit for an exporter in Asia. IBEC is expanding its partner network for operations with trade finance instruments and offers its clients new opportunities both in European and Asian directions.

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