The International Bank for Economic Co-operation has begun the practical implementation of transactions for the development of international factoring. The first deal was closed on September 11th. IBEC provided financing to the National Factoring Company (NFC) Bank for the implementation of export factoring operations under a contract for the supply of Russian metallurgical products to Poland. It is noteworthy that the launch of a new product for the Bank goes in line with the support of foreign trade between the countries participating in the Bank, one of the key components of the IBEC mandate.
In accordance with the IBEC Development Strategy, international factoring, as an instrument of trade finance, is included in the Bank’s business profile and is one of the priority IBEC products that the Bank plans to actively develop. In the context of these plans - the beginning of partnership with the National Factoring Company Bank, one of the recognized leaders in the Russian market with 20 years of experience. At the end of August, a General Agreement was concluded between IBEC and NFC, and today the parties have already begun its practical implementation. Thus, the concluded General Agreement and the first completed transaction became a launching pad for further active development of the potential for cooperation between NFC Bank and IBEC in the development of international factoring.