In 2020, International Bank for Economic Co-operation continues to expand in the sector of trade finance, relying on the already existing financial partnerships. Over the past period, from the beginning of the year, two significant transactions were concluded with a longtime partner of IBEC - OJSC Belagroprombank, which was provided with financing in the amount of more than 4 million euro.
The first targeted interbank loan is aimed at ensuring the supply of food products from the Republic of Belarus to the Russian Federation on the terms of pre-export financing. Such loan product as pre-export financing allows both parties of the transaction - both the supplier and the buyer - to be sure that the contract will be successfully implemented within the agreed time frame.
The second loan is aimed at supporting the export of the Russian chemical industry products.
As a result of the coordinated work of IBEC and Belagroprombank teams and efficient corporate approvals procedures, the transaction was completed within a very short time, which was especially important for the parties in terms of timely settlement.
Over the past year, the volume of jointly implemented transactions involving IBEC and Belagroprombank exceeded EUR 26 million in equivalent, while both credit products (post-financing, targeted interbank credit) and off-balance transactions (confirmation of letters of credit) were used. The partners mainly focus on supporting export-import operations of Belarusian companies with IBEC member states. This fully complies with both IBEC business profile and the bank’s statutory objectives for the development of economic relations in the territories of participating countries and neighboring states.
In 2020, IBEC and Belagroprombank OJSC are aimed at deepening cooperation both in quantitative terms and in terms of using a wider range of financial instruments demanded by customers.