Background

IBEC raises EUR 10 million loan from RBI

This is the second time International Bank for Economic Co-operation signs a credit facility agreement with Raiffeisen Bank International AG (RBI) for EUR 10 million with a maturity of two years. The first loan agreement was signed by the parties in November 2019. The funds will be used to support continued growth of IBEC’s trade finance portfolio and business of corporate clients in accordance with the Bank’s development strategy.

The new loan agreement with RBI following the successful issuance of debt securities reconfirms the reputation of IBEC as a high-quality and reliable borrower. RBI has more than 30 years of experience in banking business in Central and Eastern Europe and is one of the leading banks in Austria and CEE. Mr. Denis Ivanov, Chairman of the IBEC Board, has once again identified RBI as one of the most reliable partners for IBEC.

Despite the negative impact of the COVID-19 pandemic, IBEC, as a sustainable multilateral development bank, remains committed to the values of mutual assistance and cooperation with financial institutions worldwide, as well as to the development of international economic relations of its member states. IBEC has shown impressive growth and gained solid reputation in its business activities which is confirmed by three leading credit ratings agencies. IBEC received A- with Stable outlook under the international scale and the highest credit rating AAA (RU) on the national scale for the Russian Federation by ACRA. Early this year Moody’s Investor Service has assigned Baa3 with Stable outlook to IBEC, and Fitch Ratings has revised IBEC’s outlook to Positive, affirming its credit rating at BBB-.

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