International Bank for Economic Co-operation continues to provide financial support to the development of foreign trade operations with the CIS states. Together with “Ardshinbank” CJSC (Armenia), IBEC finances two contracts for the supply of agricultural products from Armenia to Russia. Trade loans totaling EUR 4.5 million were issued for a period of up to 1 year and once again confirm the demand and effectiveness of trade finance products offered by IBEC.
The transactions were implemented within the framework of the General Agreement between the banks, which was concluded in September 2019. Since that time,Ardshinbankhas become a reliable partner of IBEC in the Armenian direction. The mutually beneficial partnership of the two banks contributes to the activation of foreign economic relations between Armenia and the IBEC member states. Since the beginning of cooperation between IBEC and "Ardshinbank" CJSC, transactions have been implemented to support the foreign trade of Armenia and Russia for a total of EUR 8.6 million.