International Bank for Economic Co-operation took part in a syndicated loan for Xalq Bank (State Commercial People’s Bank). The subscription, organized by Deutsche Bank AG, raised USD 102.5 million for a period of 13 months. Together with IBEC, Russian and European financial institutions also took part in the transaction. IBEC financing is aimed at supporting the export of goods, works and services from the IBEC member countries – Russia, the Czech Republic and Poland – to Uzbekistan.
Xalq Bank is the oldest and one of the largest financial institutions in Uzbekistan, has a state status. Its shareholders are the Ministry of Finance and the Government Fund for Reconstruction and Development of Uzbekistan. Its rating corresponds to the sovereign rating of the Republic of Uzbekistan – BB- both from S&P and Fitch.
IBEC is actively developing cooperation with the representatives of the Uzbekistan’s banking sector, one of the key economies in the Central Asian region. “Participation in a syndicate for Xalq Bank together with the leading international banks contributes to further cooperation with Uzbek financial institutions, increases our awareness in the region and forms an infrastructure for the development of exports of the Bank's member countries,” – noted the Chairman of the IBEC Board Denis Ivanov.