IBEC implements trade finance transactions in Chinese yuan

The International Bank for Economic Co-operation provided Transport and Development Bank (TransBank), a major Mongolian commercial bank, with a trade-related loan of CNY 9.5 million for one year.

The funds provided by IBEC are used to finance the supply of cars from Japan to Mongolia. The supply contract was financed with IBEC loan in Chinese yuan. IBEC continues to support foreign economic relations of its member states in various directions, including the Asian region, diversifies and deepens cooperation with Mongolian banks in the field of trade finance.

In the new external economic realities, the Bank pays special attention to changes in the needs of its counterparties, including the diversification of foreign exchange settlements, which in turn allows IBEC to remain a reliable partner for its member countries and provide assistance in the implementation of trade operations with other countries.

In 2021, IBEC and the Transport and Development Bank signed a General Agreement on the implementation of trade finance transactions in order to develop partnerships and jointly support the export-import operations of Mongolian companies. The parties have been actively cooperating within the framework of the agreement, which has led to the implementation of a number of trade finance transactions totaling approximately EUR 5 million in different industry sectors.

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