Background

IBEC supports international trade in the midst of pandemic

International Bank for Economic Co-operation implements its mandate to support international trade despite the pandemic crisis, which has spread not only throughout the territory of the Bank's member states but has grown into a global planetary threat. In conditions of a forced reduction in business activity, the breakdown of supply chains and production and trade relations, maintenance and financial support for existing contracts are crucial. Now the priority statutory tasks of IBEC as a multilateral development institution focused on the development of international trade have become especially relevant for the economies of all member states of the Bank, for all our partners and customers, including partners from third countries. Active promotion of a range of trade finance products over the past year and a half allows IBEC to offer the market effective and optimum solutions.

Over the past month alone, IBEC has implemented more than 15 credit documentary transactions to support export-import operations - transactions were carried out through Golomtbank (Mongolia), Belagroprombank, Belarusky Narodny Bank, and the SHB Bank (Vietnam). The supplies of consumer goods to Belarus from Poland, Russia, the Czech Republic, Bulgaria, food products to Vietnam, the export of Russian food and chemical products to Belarus, as well as goods of the Belarusian glass and food industry to Russia, supply of Polish chemicals to Belarus, and supplies of consumer electronics to Mongolia from Singapore, Hong Kong, Kazakhstan, China, the EU were financed. Despite the high volatility in the financial markets, loan terms reach 12 months, which became possible due to the stable resource base of IBEC.

To date, IBEC has quickly passed adaptation to new realities and continues to work on contracts and deals on trade finance, effectively interacting with both its traditional partners and offering its products to new clients. The updated business model of the Bank withstands the test in the context of the international pandemic crisis, contributing to the support of economic activity in the territory of IBEC presence.

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