Background

Supporting Eastern European trade

  • Bulgaria
  • Municipal Bank AD
  • 2021
  • EUR 2 mln
  • Trade
  • IBEC implements the first trade finance deal aimed at supporting foreign trade between Bulgaria and Poland.
    The guarantee issued by IBEC in the amount of EUR 2 million secured the fulfillment of the payment obligations of the Bulgarian buyer to the Polish supplier under the contract for the supply of railway rails. Thus, the Bank is expanding the possibilities for the implementation of trade contracts between companies from its member countries.
    This transaction has an interesting legal structure. The IBEC Guarantee is issued in accordance with the international rules governing bank guarantees (ICC Uniform Rules for Demand Guarantees URDG 758), and, as requested by the supplier, is subject to Polish law. At the same time, the counter-guarantee of Municipal Bank AD is regulated by Bulgarian law.
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