International Bank for Economic Co-operation takes part in the implementation of foreign trade contracts of the largest Russian exporter, Chelyabinsk Pipe Rolling Plant PJSC, providing for the supply of pipes of various nomenclatures from Russia to Uzbekistan. IBEC confirmed several letters of credit from Uzpromstroybank for a total amount of almost USD 2 million for up to 5 months.
A wide range of trade finance instruments offered by IBEC contributes to the effective development of foreign economic relations between the member states of the Bank and other states of the Eurasian Economic Space. Uzbekistan is becoming an increasingly active area of economic activity for the IBEC member countries, primarily Russia. This is the fourth documentary trade finance deal with Uzbek partners since the beginning of the year. The risk of IBEC was accepted by a large Russian company, which indicates the high level of confidence in the Bank and its documentary instruments.