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Mongoloor
International Bank for Economic Co-operation implemented a series of trade finance transactions for a total amount equivalent to 5.4 million euros. Operations are designed for a period of up to 1 year and are aimed at supporting bilateral trade between member states, and also operations with third countries, in particular with Kazakhstan.
The operations were carried out in partnership with Golomt Bank (Mongolia) under the General Financing Agreement concluded in 2018. In total, since the beginning of 2019, the Bank has provided targeted trade financing for an amount equivalent to 9.3 million euros, and since the conclusion of the General Agreement – an amount equivalent to 21.5 million euros.
IBEC’s mutually beneficial partnership with the leading Mongolian financial institution is developing dynamically, not only in terms of growth of quantitative indicators, but also in terms of geographical and sectoral diversification. Such a format of cooperation is a good example of effectiveness of the new business model of IBEC, which combines support for integration processes in the economies of member countries with improved commercial performance.
The trade finance deals are aimed at supporting the supply of food and construction products from the Russian Federation to Mongolia, purchases of construction equipment, electronics and furniture products, textile equipment, as well as implementation of transactions in the aviation and consumer goods industries in third countries, including in the CIS.
The geography of financed foreign economic operations is also expanding steadily. Along with supporting bilateral trade between Mongolia and other IBEC member states, foreign trade operations with countries in the Asian region (China, Japan, Singapore, South Korea), the European Union and the CIS were financed under the General Agreement.
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