Our business looks for reliable partners

The International Bank for Economic Co-operation and the Bulgarian Export Insurance Agency met the Bulgarian businessmen.

The International Bank for Economic Co-operation (IBEC), the financial institution well-known by the Bulgarian business, was created in Moscow in early 1963.

It acts pursuant to the international Agreement concerning the Organization and Activities of the International Bank for Economic Co-operation registered with the UN Secretariat on 20 August 1964, and its Statutes. Member countries of the Bank are Bulgaria, Vietnam, Mongolia, Poland, Russia, Romania, Slovakia and Czechia. The IBEC’s authorized capital is EUR 400 mln., paid-in authorized capital - EUR 187 mln. Bulgaria has status of IBEC’s member country, its share in the capital is 7.6% or EUR 14 mln. In past, the IBEC was known as the CMEA Bank with all advantages of this trustworthy economic association of planned economy countries. Its financial stability guaranteed by its intergovernmental status gives extra confidence to its clients. The IBEC’s supreme management body is the Council consisting of authorized representatives of each member country. The executive body is the Board consisting of members appointed by the Bank’s Council. Bulgaria has its permanent representative in the Bank’s executive body. Mr. Rosen Chobanov is a Board member with a five-year mandate. He replaced Mr. Lubomir Filipov, former Chairman of the Central Bulgarian Bank, in this position.

Our country is one of Bank’s founders. Lending to industrial, agricultural, trading, transport and banking projects is the Bulgarian priority direction in the Bank’s strategy.

The IBEC’s main purpose is promotion of economic development of and cooperation between its member countries by establishment of economic ties between organizations from these countries, and delivery of a full banking product package at the high level. The IBEC has a wide network of correspondent banks in member countries and all over the world. The IBEC’s strategy provides for development and expansion of partner relations with a number of development banks and other international organizations operating in member countries, as well as extension of lines of credit and joint financing of investment projects, including private sector. It is expected that the amount of extended loans will grow up to EUR 140 mln. by the end of 2016. For Bulgaria, the IBEC’s strategy provides for Bank’s participation in financing of industrial, agricultural, trading, transport and banking projects implemented by economic entities regardless of their form of ownership. Opportunities of liaison with various economic and financial Bulgarian institutions are being considered.

Another stable partner of our business abroad is the Bulgarian Export Insurance Agency (BEIA) - valuable assistant in insurance against unexpected problems, including delays in payments. The BEIA has no operational geographical constraints. However, clients should mind that wars or dangerous instability compels the BEIA not to service transactions related to 5 countries, among which are Syria and Iraq

Author: L. Stoimenov
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