The International Bank for Economic Co-operation and the Development Bank of the Republic of Belarus (DBRB) have implemented the first joint transaction on financing the foreign trade operations. Funds in the amount of €15 million were provided to finance the supply of Belarusian non-resource exports to Poland, one of the IBEC member states.
The stable nature of the supply of Belarusian products and the presence of stable sales markets for Polish companies (goods made from Belarusian materials sold in more than 40 countries in Europe and North America) made it possible to establish a long loan term of 3 years. Given the amount and timing and in accordance with applicable regulations, the transaction received approval from the IBEC Council.
The beginning of joint operations with the Development Bank of the Republic of Belarus promises further expansion of the IBEC in supporting foreign economic relations in the Eastern European region. Promoting national exports is one of the main objectives of the DBRB, and the main foreign trade partners of Belarusian companies are concentrated in the region where IBEC operates. Interaction with the DBRB will contribute to the development of trade relations of the IBEC member countries with the CIS. The first transaction showed a high level of trust between the two financial institutions. The support to the sector of small and medium-sized businesses is also of mutual interest of banks, and this area opens up wide opportunities for further mutually beneficial cooperation.