Background

New partner in Mongolia - Transport and Development Bank

In July 2021, the International Bank for Economic Co-operation and Mongolian Transport and Development Bank signed a General Agreement on the implementation of trade finance transactions in order to develop partnerships and joint support for export-import operations of Mongolian companies.

Within the framework of the agreement with Transport and Development Bank, a number of trade finance transactions totaling USD 3.3 million has already been implemented through the provision of targeted trade loans for up to 1 year. In particular, IBEC provided financing for import contracts for the supply of special trucks from Australia and petrochemical products from Singapore to Mongolia.

A new partner bank contributing to the expansion of the Mongolian counterparties is another evidence of the importance of the Mongolian direction for the IBEC, which implements a number of large-scale infrastructure and socially important projects in the country, including in the field of green finance and actively supports the SME sector by working with leading national financial institutions.

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