Background

New deals with Golomt Bank

International Bank for Economic Co-operation continues to develop active interbank cooperation with Golomt Bank, one of the leading financial institutions in Mongolia. Banks have implemented three trade finance transactions totaling USD 2,2 million. IBEC issued two reimbursement obligations under a contract for the supply of high-tech equipment from Germany to Mongolia, ensuring the safety of railway infrastructure. Commerzbank AG, with whom IBEC has developed fruitful partnership, confirmed the LCs issued by Golomt Bank and advised them to the beneficiary. Commerzbank AG regularly takes IBEC risks as part of trade finance transactions which have widest geography of participants.

Two more contracts, implemented with the credit support of IBEC and Golomt Bank, are aimed at supporting the supply of electrotechnical products to Mongolia from the states of the Asian region and the CIS. Golomt Bank is one of the IBEC's most active trade finance partners. The transaction portfolio is characterized by wide diversification, both sectorally and territorially, which reflects the demand for IBEC products by the Mongolian business.

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