International Bank for Economic Cooperation has funded two more letters of credit for foreign trade contracts for the supply of polypropylene from Vietnam. The total amount is USD 3.5 million. Transactions are carried out in cooperation with the IBEC's permanent and largest partner in the Vietnamese market - Saigon-Hanoi Commercial Joint Stock Bank (SHB).
Thanks to effective interaction with SHB, trade finance instruments offered by IBEC are becoming more in-demand. At the same time, the geography of transactions is expanding – now financing affects deliveries to three continents – in addition to the traditional Asian region, petrochemicals are shipped to Africa and South America. Such territorial expansion allows us to state the globalization of demand for IBEC services on financial and settlement support of foreign trade.