Irrevocable reimbursement undertaking

Background
Irrevocable reimbursement is one of the basic documentary products of IBEC.
Terms of provision Tariffs Process schemes Apply for financing
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IBEC reimbursement undertakings are issued on behalf of the issuing banks under letters of credit opened in favor of confirming / executing and financing banks.
Product features

Advantages

Best possible pricing
The presence of a bank with investment ratings as a reimbursing bank in the letter of credit transaction may reduce the commission of the confirming bank on the letter of credit
Risks closure
The participation of IBEC as an IFI with investment ratings will help to level the risks for the counterparty
Work with new partners
We help to enter new markets
Terms of provision
Participation of a resident of the IBEC member country in the transaction.
A limit set for a partner bank (in case of no limit set, IBEC may carry out procedures to set the limit).
Conducting compliance procedures for the transaction for the parties of the transaction, incl. exporter and importer.
Preliminary agreement of the text of the letter of credit with the IBEC.
Tariffs
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Operations schemes
Issuance of reimbursement undertakings
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Other products

Trade-related loan
Trade-related loan
Documentary letters of credit
Documentary letters of credit
Guarantees
Guarantees
Forfaiting
Forfaiting
Financing under ECA insurance coverage
Financing under ECA insurance coverage
Projects
Support for the export of Russian wheat
Support for the export of Russian wheat
Ensuring the supply of medicines from the Russian Federation to Uzbekistan
Ensuring the supply of medicines from the Russian Federation to Uzbekistan
Securing supplies of specialized construction and loading equipment to Mongolia
Securing supplies of specialized construction and loading equipment to Mongolia

News

IBEC credit ratings confirmed by ACRA
IBEC credit ratings confirmed by ACRA
12.08.2024
ACRA affirms 'BBB+' to IBEC, Outlook Stable, under the international scale, 'AAA(RU)', Outlook Stable, under the national scale for the Russian Federation and 'AAA(RU)' to IBEC bond issues 001P-02 (RU000A101RJ7) and 002Р-03 (RU000A108Q03).
CCXI assigns an Issuer Credit Rating of AAA to IBEC with a Stable Outlook
CCXI assigns an Issuer Credit Rating of AAA to IBEC with a Stable Outlook
05.07.2024
On 4 July, 2024, China Chengxin International Credit Rating Co. Ltd assigned IBEC the highest ‘AAA’ issuer credit rating on the national scale with a Stable Outlook.
IBEC presented its value proposition for Mongolian companies and held meetings with banks
IBEC presented its value proposition for Mongolian companies and held meetings with banks
07.06.2024
IBEC delegation under the leadership of Mr. Denis Ivanov, Chairman of the IBEC Board, visited Mongolia with a business mission at the end of May 2024.
IBEC supports the supply and sales of electric vehicles in Mongolia
IBEC supports the supply and sales of electric vehicles in Mongolia
02.04.2024
IBEC has provided Mongolian TransBank with a trade-related loan of CNY 11.5 million for one year to support the supply and sales of electric vehicles.
ACRA affirms IBEC credit ratings
ACRA affirms IBEC credit ratings
19.02.2024
Analytical Credit Rating Agency (ACRA) affirms 'BBB+' to IBEC, Outlook Stable, under the international scale.
IBEС supports the import of modern environmentally friendly equipment for Mongolian industry
IBEС supports the import of modern environmentally friendly equipment for Mongolian industry
27.10.2023
IBEC has provided the Mongolian Transport and Development Bank with a trade-related loan of EUR 1.188 million for the supply of German jigging equipment for a dry coal preparation plant in Mongolia.
ACRA confirms the high credit quality of IBEC
ACRA confirms the high credit quality of IBEC
25.08.2023
The Analytical Credit Rating Agency (ACRA) affirms 'BBB+' to the International Bank for Economic Co-operation, outlook Stable, under the international scale, 'AAA(RU)', outlook Stable, under the national scale for the Russian Federation, and 'AAA(RU)' to IBEC bonds series 001Р-02 (RU000A101RJ7).
IBEC contributes to the development of transport infrastructure in Mongolia
IBEC contributes to the development of transport infrastructure in Mongolia
07.08.2023
The International Bank for Economic Co-operation continues to support Mongolia's export-import operations through its trade finance operations. In cooperation with the Trade and Development Bank (TDB), IBEC financed the import of freight wagons.
IBEC implements trade finance transactions in Chinese yuan
IBEC implements trade finance transactions in Chinese yuan
19.06.2023
The International Bank for Economic Co-operation provided Transport and Development Bank (TransBank), a major Mongolian commercial bank, with a trade-related loan of CNY 9.5 million for one year.
IBEC delegation visited the Embassy of the Socialist Republic of Vietnam to Russian Federation
IBEC delegation visited the Embassy of the Socialist Republic of Vietnam to Russian Federation
05.05.2023
The Chairman of the Board of the International Bank for Economic Co-operation Denis Ivanov and IBEC delegation including a member of the Board Mr. Nguyen Vinh Hung and Managing Director Asia Oleg Vnukovsky visited the Embassy of the Socialist Republic of Vietnam in the Russian Federation and held a meeting with His Excellency Ambassador Extraordinary and Plenipotentiary Mr. Dang Minh Khoi and representatives of the Embassy.
ACRA affirms the highest rating of IBEC under the national scale
ACRA affirms the highest rating of IBEC under the national scale
07.03.2023
Analytical Credit Rating Agency (ACRA) affirms the credit rating of the International Bank for Economic Co-operation under the national scale for the Russian Federation – ‘AAA(RU)’, outlook Stable, and ‘AAA(RU)’ to bond issue series 001P-02.
IBEC delegation visited the Russian Foreign Trade Academy with a lecture
IBEC delegation visited the Russian Foreign Trade Academy with a lecture
17.02.2023
On February 16, 2023, IBEC Board Member Mr. Boyko Kotsev and Chief Specialist of the IBEC Legal Department I. Gordyushkin held a meeting with students of the Russian Foreign Trade Academy of the Ministry of Economic Development of the Russian Federation (Academy).
STATEMENT OF THE INTERNATIONAL BANK FOR ECONOMIC CO-OPERATION (IBEC) REGARDING THE WITHDRAWAL OF THE CZECH REPUBLIC, THE REPUBLIC OF POLAND, THE SLOVAK REPUBLIC AND ROMANIA FROM THE MEMBERSHIP IN IBEC
STATEMENT OF THE INTERNATIONAL BANK FOR ECONOMIC CO-OPERATION (IBEC) REGARDING THE WITHDRAWAL OF THE CZECH REPUBLIC, THE REPUBLIC OF POLAND, THE SLOVAK REPUBLIC AND ROMANIA FROM THE MEMBERSHIP IN IBEC
26.01.2023
By this statement, IBEC officially informs that the Czech Republic, the Republic of Poland, the Slovak Republic and Romania withdraw from the Agreement on the Organization and Activities of the International Bank for Economic Co-operation and from the membership in the Bank in accordance with the notices submitted to the IBEC Council by the respective member countries. Accordingly, the Czech Republic withdraws on 26 January 2023, the Republic of Poland withdraws on 29 January 2023, the Slovak Republic withdraws on 30 January 2023 and Romania withdraws on 09 June 2023.
An incubator was opened in Tatarstan as part of a Russian-Slovak project implemented with the participation of IBEC
An incubator was opened in Tatarstan as part of a Russian-Slovak project implemented with the participation of IBEC
11.01.2023
On January 10, an incubator was opened in the Sabinsky district of the Republic of Tatarstan as part of a Russian-Slovak project financed by the International Bank for Economic Co-operation.
New IBEС partnership on the EAEU territory
New IBEС partnership on the EAEU territory
30.12.2022
At the end of October 2022, the International Bank for Economic Co-operation (IBEC) signed a General Financing Agreement with Armswissbank CJSC, a new partner of IBEC in Armenia. As part of the agreement, in December 2022, IBEC provided Armswissbank with a trade related loan in the amount of 29 million rubles for up to three months. The funds received will be used to finance contracts for the supply of food products from Armenia to the Russian Federation.
IBEC continues to support the real sector of the Russian economy
IBEC continues to support the real sector of the Russian economy
22.12.2022
In December 2022, IBEC provided trade related facility to a new client, the Polyplast Group of Companies, in a total amount of up to 1 billion rubles.
IBEC signed an agreement for Market Making of its bonds
IBEC signed an agreement for Market Making of its bonds
21.12.2022
On December 20, 2022 Market Making of IBEC ruble bonds of series 001Р-01 and series 001Р-02 began at the Moscow Exchange within the framework of the concluded trilateral agreement. The Market Maker of IBEC bonds is BANK SINARA.
IBEC continues its support for the supply of medicines to the Russian market
IBEC continues its support for the supply of medicines to the Russian market
05.12.2022
In the second half of 2022, on behalf of “FC Grand Capital” LLC, International Bank for Economic Co-operation issued 5 payment guarantees in favor of the company's suppliers for a total amount of about 1.44 billion rubles.
IBEC expands support for the Russian pharmaceutical sector
IBEC expands support for the Russian pharmaceutical sector
30.11.2022
In November 2022, the International Bank for Economic Co-operation issued a payment guarantee on behalf of the pharmaceutical distributor “ArchiMed” LLC in favor of a major global supplier of medicines to the Russian market.
IBEC delegation held meetings with partners in Vietnam
IBEC delegation held meetings with partners in Vietnam
15.11.2022
Chairman of the IBEC Board Denis Ivanov and IBEC Board Member from Vietnam Mr. Nguyen Vinh Hung paid a working visit to Vietnam on November 9-11. On November 10, 2022, the IBEC delegation took part in a meeting with the Deputy Head of the Vietnamese Delegation to the IBEC Council, Mr. Pham Thanh Ha, Deputy Governor of the State Bank of Vietnam.
IBEC Chairman made a working trip to Mongolia
IBEC Chairman made a working trip to Mongolia
11.11.2022
The delegation of the International Bank for Economic Co-operation, consisting of the Chairman of the IBEC Board Denis Ivanov and a member of the IBEC Board from Mongolia, Mr. Unenbat, visited Mongolia on November, 6-8.
IBEC fulfilled its obligations on buyback of bonds
IBEC fulfilled its obligations on buyback of bonds
12.10.2022
On October 10, 2022, the International Bank for Economic Co-operation fully fulfilled its obligations on buyback of bonds of series 001Р-01. IBEC debut issue was placed in October 2019 in the amount of 7 billion rubles with a three-year put-option.
ACRA affirms the highest rating of IBEC
ACRA affirms the highest rating of IBEC
16.09.2022
Analytical Credit Rating Agency (ACRA) affirms the credit rating of the International Bank for Economic Co-operation under the national scale for the Russian Federation – ‘AAA(RU)’, outlook Stable, and under the international scale – ‘A-‘, outlook Negative.
Trade finance in the construction industry
Trade finance in the construction industry
08.08.2022
The International Bank for Economic Co-operation has provided a trade related loan in the amount of EUR 982 thousand for a period of 6 months to the First Investment Bank JSC (Russia).
The Chairman of the IBEC Board held a working meeting with the Head of the Mongolian Delegation in the Bank’s Council
The Chairman of the IBEC Board held a working meeting with the Head of the Mongolian Delegation in the Bank’s Council
11.04.2022
The Chairman of the IBEC Board Denis Ivanov, with the participation of IBEC Board Member from Mongolia Tserenpurev Gotov, held a working meeting in the format of a teleconference with the Head of the Mongolian Delegation to the IBEC Council, HE the Minister of Finance and the Member of the Parliament of Mongolia Javkhlan Bold.
IBEC and VietinBank join forces to finance sustainable development
IBEC and VietinBank join forces to finance sustainable development
15.03.2022
The International Bank for Economic Co-operation and one of the largest Vietnamese financial institutions VietinBank (the controlling stake belongs to the State Bank of Vietnam) signed a Memorandum of Understanding. Taking into account the new post-COVID reality, the signing took place via video conference. In Moscow, the document was signed by the Chairman of the IBEC Board Mr. Denis Ivanov, in Hanoi – by the Head of the Investment Banking, Treasury and Markets Group , Mr. Nguyen Anh Tuan. The Memorandum is aimed at contributing to the achievement of the UN Sustainable Development Goals, primarily in the field of environmental protection and the development of a "green" economy, responsible consumption and production, and combating climate change.
IBEC promotes economic ties between Central Europe and Central Asia
IBEC promotes economic ties between Central Europe and Central Asia
11.03.2022
On March 10-11, 2022, a meeting of the Commission for Economic, Scientific and Technical Cooperation of the Republics of Slovakia and Kazakhstan, organized by the Ministry of Economy of Slovakia and the Ministry of Ecology and Natural Resources of Kazakhstan, was held in Bratislava. Representatives of the International Bank for Economic Co-operation, headed by Member of the Board – Head of the Business Unit – Peter Osvald have taken part in the work of the Commission via videoconference.
IBEC has developed and adopted a methodology for mapping projects with the Sustainable Development Goals
IBEC has developed and adopted a methodology for mapping projects with the Sustainable Development Goals
04.03.2022
The Board of the International Bank for Economic Co-operation has approved the criteria for the alignment of the Bank’s projects with the UN Sustainable Development Goals. The assessment of projects for alignment with the SDGs will be integrated into the decision-making processes on financing and investing in the bonds of corporations and financial institutions. All loan applications considered by IBEC will undergo an appropriate expertise.
IBEC announced financial results of 2021
IBEC announced financial results of 2021
21.02.2022
International Bank for Economic Co-operation has published its financial results for the year 2021 in accordance with the International Financial Reporting Standards and Ernst & Young auditor's report.
IBEC – affordable loans for Romanian farmers
IBEC – affordable loans for Romanian farmers
10.02.2022
The International Bank for Economic Co-operation has provided 15 million Romanian lei to the non-bank financial company Mikro Kapital IFN S.A., one of the leaders of the Romanian national microcredit market. The deal is in the form of a revolving line of credit for a period of one year with the possibility of prolongation for another year.
IBEC Chairman Denis Ivanov interview for BloombergTV Mongolia
IBEC Chairman Denis Ivanov interview for BloombergTV Mongolia
21.01.2022
In an interview for BloombergTV Mongolia, Denis Ivanov talked about IBEC activities in Mongolia, the key projects, including participation in TDBM Green Loan Program, and IBEC priorities in accordance with its country strategy for Mongolia.
IBEC supports the development of the Vietnamese stock market
IBEC supports the development of the Vietnamese stock market
17.01.2022
The International Bank for Economic Co-operation participated in an international syndicated credit facility in favor of the Vietnamese financial company VNDIRECT Securities Corporation. The total volume of the syndicated loan amounted to USD 100 million up to 1 year tenor, the share of IBEC was USD 15 million. Ten banks from Taiwan, Hong Kong and Europe took part in the deal, with Cathay United Bank from Taiwan acting as sole Mandated Lead Arranger and Bookrunner (MLAB).
International Bank for Economic Co-operation promotes the development of transport and logistics infrastructure in Vietnam
International Bank for Economic Co-operation promotes the development of transport and logistics infrastructure in Vietnam
10.01.2022
The International Bank for Economic Co-operation has granted a long-term credit facility to HATECO Logistics (Vietnam) in the amount of EUR 20 million. The funds will be used for the construction and development of logistics infrastructure in northern Vietnam. This is the first transaction implying direct financing of a corporate client in Vietnam in the IBEC new history.
Trade finance with Expobank
Trade finance with Expobank
23.12.2021
The International Bank for Economic Co-operation and the Russian Expobank implemented another deal financing import-export operations. The total amount of the IBEC loan was EUR 5 million with a financing period of up to 6 months.
Slovak online media portal «Finančné noviny»: IBEC provides a guarantee to the Municipal Bank AD for the purchase of railway rails
Slovak online media portal «Finančné noviny»: IBEC provides a guarantee to the Municipal Bank AD for the purchase of railway rails
14.12.2021
The International Bank for Economic Co-operation (IBEC) is expanding interbank cooperation with the Bulgarian bank Municipal Bank AD. The partners are implementing the first trade finance transaction aimed at promoting foreign trade between Bulgaria and Poland. Guarantee of 2 mil. EUR provided to IBEC to ensure compliance with the Bulgarian buyer's payment obligations to the Polish supplier under the rail supply contract. The participation of the IBEC thus contributes to the expansion and strengthening of business relations between the two member countries of the Bank.
The 137th meeting of the IBEC Council
The 137th meeting of the IBEC Council
07.12.2021
On December 3, 2021 a regular 137th meeting of the Council of the International Bank for Economic Co-operation took place. Like the previous several meetings of the Council, due to the ongoing pandemic situation, the meeting was held in the format of a videoconference.
IBEC delegation visited Uzbekistan
IBEC delegation visited Uzbekistan
06.12.2021
A delegation of the International Bank for Economic Co-operation visited the Republic of Uzbekistan. Representatives of the Bank took part in the II International Financial and Banking Forum of the CIS Member States and held a series of business consultations with Uzbek partners.
Slovak online media portal «Finančné noviny»: The International Bank for Economic Co-operation has received two awards from the British media portal Global Banking & Finance Review
Slovak online media portal «Finančné noviny»: The International Bank for Economic Co-operation has received two awards from the British media portal Global Banking & Finance Review
03.12.2021
The International Bank for Economic Co-operation (IBEC) is a multilateral development bank whose purpose is to support the development of the economies of the Bank's member countries, foreign economic relations between business entities of member countries, as well as expanding their foreign trade relations with counterparties from other countries. IBEC became the winner in the nominations  "Banking CEO of the Year Eastern Europe 2021" and "Best Trade Finance Bank Eastern Europe 2021". The Global Banking & Finance Review Award has been given since 2011 and aims to highlight best business practices in the financial sector. IBEC, which at the end of last year embarked on the implementation of the new Development Strategy for the years 2021 - 2025, is constantly increasing the volume of operations, developing product lines and the quality of services provided.
IBEC finances Russian car leasing
IBEC finances Russian car leasing
02.12.2021
IBEC develops cooperation with the largest Russian auto leasing company Europlan. The Bank opened a credit line for over 2 billion rubles for a period of 3 years. Financing is provided within the framework of the agreement concluded between IBEC and Europlan in June this year on the sidelines of the St. Petersburg International Economic Forum. The funds will be used to expand leasing programs for Russian small and medium-sized businesses.
IBEC guarantees ensure Eastern European trade
IBEC guarantees ensure Eastern European trade
24.11.2021
The International Bank for Economic Co-operation is expanding interbank cooperation with the Bulgarian Municipal Bank AD by implementing the first trade finance deal aimed at supporting foreign trade between Bulgaria and Poland.
IBEC makes its contribution to the reduction of the carbon footprint in Romania
IBEC makes its contribution to the reduction of the carbon footprint in Romania
22.11.2021
IBEC took part in the placement of bonds of the Romanian company Autonom, specializing in car leasing, fleet management, short-term car rental. The Bank acquired more than 10% of the issue, becoming one of the key investors in the issued securities. The annual return is 4.11%.
IBEC attracts long-term financing from the UniCredit Group
IBEC attracts long-term financing from the UniCredit Group
03.11.2021
The International Bank for Economic Co-operation signed a loan agreement with a subsidiary of the UniCredit banking group in Russia – UniCredit Bank. UniCredit Bank will provide IBEC with unsecured financing for 3 years in the amount of EUR 10 million, which will be used to develop and expand IBEC loan and documentary portfolio.
IBEC – leader in the financial market of Eastern Europe
IBEC – leader in the financial market of Eastern Europe
01.11.2021
The International Bank for Economic Co-operation has received two awards from the British media portal Global Banking & Finance Review. IBEC became a winner the following nominations "Banking CEO of the Year Eastern Europe 2021" and "Best Trade Finance Bank Eastern Europe 2021".
Memorandum of Cooperation between IBEC and the Council of Slovak Exporters
Memorandum of Cooperation between IBEC and the Council of Slovak Exporters
26.10.2021
The International Bank for Economic Co-operation and the Council of Slovak Exporters signed a Memorandum of Cooperation. The document was signed by the Chairman of the IBEC Board Denis Ivanov and the Chairman of the Council of Slovak Exporters Lukas Parizek.
IBEC invests in food security
IBEC invests in food security
25.10.2021
The International Bank for Economic Co-operation will finance the construction of an advanced poultry production unit. The agreement with the Slovak BRANKO NITRA was signed by the Chairman of the IBEC Board Denis Ivanov. The Slovak company is one of the European leaders in the production of high-quality hatching turkey eggs with almost half a century of history, with partners in more than ten European countries.
ACRA confirms the highest rating for IBEC on the national scale
ACRA confirms the highest rating for IBEC on the national scale
18.10.2021
The Analytical Credit Rating Agency (ACRA) has affirmed the credit rating of the International Bank for Economic Co-operation (IBEC, Bank) on the international scale – A- and on the national scale for the Russian Federation – AAA(RU). The outlook on the affirmed ratings is Stable.
IBEC delegation visited the Embassy of the Socialist Republic of Vietnam in Moscow
IBEC delegation visited the Embassy of the Socialist Republic of Vietnam in Moscow
13.10.2021
The Chairman of the Board of the International Bank for Economic Co-operation Denis Ivanov and IBEC delegation including a member of the Board Ms. Thinh Thi Hong, Director of the Client Relations Department Alexandra Matveeva and Head of the Project Group of the International Fund for Technological Development at IBEC Vadim Kulikov visited the Embassy of the Socialist Republic of Vietnam in the Russian Federation and held a meeting with His Excellency Ambassador Extraordinary and Plenipotentiary Mr. Dang Minh Khoi, trade representative of Vietnam in the Russian Federation Mr. Duong Hoang Minh and representatives of the Embassy.
IBEC supports Polish COVID Response programme
IBEC supports Polish COVID Response programme
11.10.2021
The International Bank for Economic Co-operation has participated in primary placement of COVID-19 Response bonds of the Polish national development bank Bank Gospodarstwa Krajowego (BGK). It is one of the oldest European development institutions, founded in 1924.
Opportunities provided by IBEC for the Bulgarian SME Sector
Opportunities provided by IBEC for the Bulgarian SME Sector
04.10.2021
A delegation of the International Bank for Economic Co-operation, headed by a member of the Board Boyko Kotsev, took part in the international conference "Financial support for SMEs – SIMExpo 2021". The event, which took place in the capital of Bulgaria, Sofia, was organized by the Bulgarian Agency for the Support of Small and Medium Enterprises and the Bulgarian Chamber of Commerce and Industry with the support of the European Union. Among the participants were Bulgarian and European businessmen, representatives of Bulgarian and European business associations, representatives of key Bulgarian and European development institutions, including the EBRD, European Investment Fund, Bulgarian Development Bank, Bulgarian Investment Agency.
IBEC expanded its “Development portfolio”
IBEC expanded its “Development portfolio”
13.09.2021
The International Bank for Economic Co-operation has acquired green Eurobonds from Ceska Sporitelna, the largest bank in the Czech Republic. Securities with maturity of 7 years were issued in the amount of EUR 500 million. The coupon is 0.5%, the yield at the offering price is 0.52%. IBEC participation amounted to EUR 3.5 million.
Moody's changed the outlook on the IBEC rating to Positive
Moody's changed the outlook on the IBEC rating to Positive
06.09.2021
On September 3, 2021 Moody’s Investors Service (“Moody’s”) has changed the outlook on the International Bank for Economic Co-operation’s (IBEC) rating from Stable to Positive and has affirmed long-term foreign currency issuer rating at ‘Baa3’.
Bloomberg TV Bulgaria: The International Bank for Economic Co-operation places its debut bond issue at the BSE
Bloomberg TV Bulgaria: The International Bank for Economic Co-operation places its debut bond issue at the BSE
02.09.2021
Bloomberg TV Bulgaria: The International Bank for Economic Co-operation places its debut bond issue at the BSE Denis Ivanov, Chairman of the Board of the International Bank for Economic Co-operation, Business Start, 02.09.2021 Author: Mikhail Mitev.
Ring-The-Bell on the Bulgarian Stock Exchange
Ring-The-Bell on the Bulgarian Stock Exchange
01.09.2021
Today, September 1, in the building of the Bulgarian Stock Exchange in Sofia, an official ceremony "Ring-The-Bell" took place, marking the listing of the Bulgarian bonds issuance of the International Bank for Economic Co-operation (IBEC). Denis Ivanov, Chairman of the IBEC Board, gave a start to the stock exchange session by symbolically ringing the stock exchange bell together with the Deputy Minister of Finance of Bulgaria and the head of the Bulgarian delegation to the IBEC Council, Monika Dimitrova-Beecher, and Deputy Chairman of the Board of Directors of the Bulgarian Stock Exchange Vasil Golemanski.
The International Bank for Economic Co-operation places its first bond issue on the Bulgarian Stock Exchange
The International Bank for Economic Co-operation places its first bond issue on the Bulgarian Stock Exchange
01.09.2021
Monika Dimitrova-Beecher, Deputy Minister of Finance, Vasil Golemanski, Deputy Chairman of the Board of Directors of the BSE and Denis Ivanov, Chairman of the IBEC Board gave a start to the stock exchange session.
IBEC financial statements for the 1st half of 2021
IBEC financial statements for the 1st half of 2021
24.08.2021
International Bank for Economic Co-operation has published its interim financial results for the 1st half of 2021 in accordance with the international reporting standards together with an auditor's report on review.
New partner in Mongolia - Transport and Development Bank
New partner in Mongolia - Transport and Development Bank
17.08.2021
In July 2021, the International Bank for Economic Co-operation and Mongolian Transport and Development Bank signed a General Agreement on the implementation of trade finance transactions in order to develop partnerships and joint support for export-import operations of Mongolian companies.
IBEC loan and documentary portfolio has exceeded EUR 500 million
IBEC loan and documentary portfolio has exceeded EUR 500 million
12.07.2021
The International Bank for Economic Co-operation has summed up the preliminary results of its work in the first half of 2021. This is the first reporting period when the Bank operated in the paradigm of the new medium-term development strategy. The document, approved by the IBEC Council at the end of 2020, is based on the principle of "growth for stability", and already now the Bank's results indicate the correct approaches to its implementation. An important event was the upgrade of IBEC rating by Fitch to BBB (with a stable outlook) in March 2021 . This July, against the background of strengthening financial stability, the Bank's loan and documentary portfolio has grown by 20%, and for the first time has exceeded the figure of EUR 500 million, reaching EUR 519 million.
New Development Bank and International Bank for Economic Co-operation establish framework for cooperation
New Development Bank and International Bank for Economic Co-operation establish framework for cooperation
08.07.2021
On June 28, 2021, the New Development Bank (NDB) and the International Bank for Economic Co-operation (IBEC) signed a Memorandum of Understanding to establish a framework for strategic, technical and operational cooperation in areas of mutual interest and promote the development of long-term relations between the two institutions. The Memorandum was signed by Mr. Marcos Troyjo, NDB President, Mr. Denis Ivanov, Chairman of the IBEC Board, and Ms. Thinh Thi Hong, Member of the IBEC Board.
IBEC supports lending to small business in Mongolia
IBEC supports lending to small business in Mongolia
28.06.2021
The International Bank for Economic Co-operation continues to support trade operations of the SME sector in its member countries. The bank has supported a loan deal between the Mongolian Golomt Bank and the Russian Moscow Credit Bank (MKB). Golomt Bank, one of the leaders in the Mongolian banking sector and a traditional partner of IBEC, raised funds from MKB to finance the trade operations of its clients including small and medium-sized enterprises.
IBEC Supports Eastern European Issuers
IBEC Supports Eastern European Issuers
23.06.2021
The International Bank for Economic Co-operation has replenished its treasury portfolio with securities from Central and Eastern Europe. The total volume of purchases amounted to EUR 30 million, of which 23 million are securities for IBEC's own portfolio. Investments have replenished the loan and investment portfolio and the “development portfolio” of IBEC.
IBEC develops cooperation with the Joint Institute for Nuclear Research
IBEC develops cooperation with the Joint Institute for Nuclear Research
08.06.2021
The International Bank for Economic Co-operation and the Joint Institute for Nuclear Research (JINR) have signed a Cooperation Agreement. Two international organizations, financial and scientific, have 8 common members – all the IBEC member countries are also members of JINR. Therefore, the development of a partnership naturally fits into the logic of serving the interests of participants. It is symbolic that the signing of the document took place within the framework of the 136th Council meeting of the International Bank for Economic Co-operation. Due to pandemic restrictions, the IBEC Council is once again held online, so JINR representative, the director of the Institute, Academician of the Russian Academy of Sciences Grigory Trubnikov, also signed the agreement via remote access.
Roundtable at the SPIEF: Development Banks in the Post-COVID Period
Roundtable at the SPIEF: Development Banks in the Post-COVID Period
07.06.2021
The roundtable "Multilateral Development Banks in the Post- COVID Period: Old Challenges and New Opportunities" was held within the framework of the St. Petersburg International Economic Forum. The event was held under the patronage of the Ministry of Finance of the Russian Federation, it was attended by representatives of international financial organizations, where Russia is a member state – the World Bank, the Eurasian Development Bank, the Black Sea Trade and Development Bank, the Asian Infrastructure Investment Bank, the largest national development institute VEB.RF, and the largest Russian banks. The International Bank for Economic Co-operation was represented by its Chairman of the Management Board, Denis Ivanov, who acted as one of the key speakers.
IBEC and Europlan will help small businesses with mobility
IBEC and Europlan will help small businesses with mobility
03.06.2021
Denis Ivanov, Chairman of the IBEC Board, and Alexander Mikhailov, General Director of Europlan Leasing Company, signed a Credit Agreement at the St. Petersburg International Economic Forum. In accordance with the document, the Bank will provide Europlan with 2 billion rubles for a period of up to 3 years. The funds will be used to lease vehicles to Russian small and medium-sized businesses.
IBEС participates in the development of the Elga coal deposit
IBEС participates in the development of the Elga coal deposit
03.06.2021
On the sidelines of the SPIEF, a new promising project was drawn up – IBEC and Metpromstroy signed an Agreement of Intent on the provision of a guarantee. The document was signed by the Chairman of the IBEC Board Denis Ivanov and the President of Metpromstroy LLC Andrey Deineko.
IBEC successfully placed debut bond issue in Bulgaria
IBEC successfully placed debut bond issue in Bulgaria
03.06.2021
The International Bank for Economic Co-operation opened its credit history on the European market. IBEC has successfully completed its debut BGN-denominated bond issuance on the Bulgarian capital market, raising a 3-year unsecured funding for BGN 68 million (approx. EUR 35 million). The issue has a coupon of 1.15% per annum and is due 2024; it is rated BBB by Fitch. The transaction, facilitated by the Joint Lead Managers and Bookrunners Raiffeisenbank (Bulgaria) EAD and UniCredit Bulbank AD, attracted interest from diverse institutional investors in Bulgaria - credit institutions, pension funds, and asset managers.
IBEC becomes a member of the Green Loan Program for SMEs in Mongolia
IBEC becomes a member of the Green Loan Program for SMEs in Mongolia
03.06.2021
The International Bank for Economic Co-operation has supported the Green Loan Program of the Trade and Development Bank of Mongolia (TDBM) for small and medium-sized enterprises in Mongolia. IBEC has provided loan in the amount of USD 10 million for a period of up to 3 years. The total green financing volume under the GLP program is USD 50 million and is formed both from TDBM funds and with the support of a number of other banks, including international development institutions. The full implementation period of the Program is 5 years.
IBEC becomes a member of the Green Loan Program for SMEs in Mongolia
IBEC becomes a member of the Green Loan Program for SMEs in Mongolia
20.05.2021
The International Bank for Economic Co-operation has supported the Green Loan Program of the Trade and Development Bank of Mongolia (TDBM) for small and medium-sized enterprises in Mongolia. IBEC has provided loan in the amount of USD 10 million for a period of up to 3 years. The total green financing volume under the GLP program is USD 50 million and is formed both from TDBM funds and with the support of a number of other banks, including international development institutions. The full implementation period of the Program is 5 years.
IBEC signed the Code of Conduct in the Russian financial market
IBEC signed the Code of Conduct in the Russian financial market
18.05.2021
The International Bank for Economic Co-operation has joined the Code of Conduct for stock market participants. The declaration of accession was signed by the Chairman of the Board Denis Ivanov and the member of the Board Thinh Thi Hong.
Supporting SMEs trade in Poland and Uzbekistan
Supporting SMEs trade in Poland and Uzbekistan
17.05.2021
The International Bank for Economic Co-operation financed trade operations between Poland and Uzbekistan for the first time. IBEC issued a targeted trade loan to Qishloq Qurilish Bank. Among the shareholders of this bank are the Ministry of Finance of Uzbekistan and the Fund for Reconstruction and Development of the Republic of Uzbekistan. The key areas of activity of Qishloq Qurilish Bank correspond to the profile of a development institution – among its tasks are support for small and medium-sized businesses and assistance in the development of social infrastructure.
ACRA confirms the highest rating for IBEC
ACRA confirms the highest rating for IBEC
27.04.2021
The Analytical Credit Rating Agency (ACRA) has affirmed the credit rating of the International Bank for Economic Co-operation on the international scale – A- and on the national scale for the Russian Federation – AAA (RU). The outlook on the affirmed ratings is Stable.
New banking solutions for international trade
New banking solutions for international trade
26.04.2021
The International Bank for Economic Co-operation presented a project of a blockchain platform for trade finance at the 41st Online Banking Conference of the Banking Association for Central and Eastern Europe (BACEE) "Lessons from the pandemic – how the banking sector prepares for the post-COVID period".
IBEC acted as an investor in the bond markets of Central and Eastern Europe
IBEC acted as an investor in the bond markets of Central and Eastern Europe
23.04.2021
The International Bank for Economic Co-operation has taken part in a series of primary market bond deals in Central and Eastern Europe. All bonds meet the criteria of the IBEC development portfolio. The total amount of investments exceeded EUR 37 million.
IBEC and the Joint Institute for Nuclear Research - horizons for cooperation
IBEC and the Joint Institute for Nuclear Research - horizons for cooperation
13.04.2021
A delegation of the International Bank for Economic Co-operation headed by the Chairman of the Board Denis Ivanov visited the Joint Institute for Nuclear Research (JINR) in the city of Dubna. During the visit, a meeting with JINR Director Grigory Trubnikov and leading employees of the Institute took place, after which the Bank's representatives were shown the progress of work on the implementation of the flagship project – the NICA complex.
Representatives of International Bank for Economic Co-operation visited JINR
Representatives of International Bank for Economic Co-operation visited JINR
12.04.2021
On 9 April, a delegation of the International Bank for Economic Cooperation (IBEC) headed by Chairman of the IBEC Board Denis Ivanov visited JINR. The IBEC delegation also included a Member of the Board from the Slovak Republic Peter Osvald, Director of the Customer Relations Department Alexandra Matveeva, CRD Director Evgeny Podzharov, and Director of the International Fund of Technological Development (IFTD) at IBEC Vadim Kulikov. During the visit, the IBEC representatives had a meeting with JINR leaders, as well as visited VBLHEP where they were acquainted with the implementation of the JINR flagship project “NICA Complex”.
First trade finance deal with HDBank
First trade finance deal with HDBank
09.04.2021
International Bank for Economic Co-operation has started cooperation in the field of trade finance with HOCHIMINH CITY DEVELOPMENT JOINT STOCK COMMERCIAL BANK (HDBank), Vietnam. This is a forfaiting operation to repurchase a letter of credit debt in the amount of USD 4.8 million for a term of 16 months. IBEC financing ensures the procurement of equipment for the construction of solar power plants in Vietnam.
IBEC has added Eastern European bonds to its
IBEC has added Eastern European bonds to its "Development portfolio"
05.04.2021
International Bank for Economic Co-operation has replenished its treasury portfolio with securities from Central European issuers. The bank took part in bond issues of the Slovak Všeobecná úverová banka (VÚB) and the Czech gas distribution company Czech Gas Networks Investments. Both issuers meet the criteria allowing their securities to be included in the “Development portfolio” of IBEC – their activities contribute to maintaining a stable social and economic infrastructure in the member countries of the Bank.
Day of Slovakia at IBEC
Day of Slovakia at IBEC
23.03.2021
Chairman of the IBEC Board Denis Ivanov met with Ambassador Extraordinary and Plenipotentiary of Slovakia to the Russian Federation Lubomir Regak. The head of IBEC informed the Ambassador about the results of the two-year period of updating the Bank’s business model, the results of activities in 2020, the positive dynamics of international ratings, the first steps to implement the Development Strategy for 2021–2025.
Fitch upgraded IBEC’s rating to ‘BBB’
Fitch upgraded IBEC’s rating to ‘BBB’
10.03.2021
Fitch Ratings-London has revised the ratings of International Bank for Economic Co-operation (IBEC). Long-Term Issuer Default Rating (IDR) was upgraded to ‘BBB’, with Stable outlook. IBEC Short-Term rating has been upgraded to ‘F2’. In the context of the global socio-economic crisis caused by the COVID-19 pandemic, ratings upgrades are extremely rare and atypical for the international financial organizations (IFO). IBEC is only the second IFO to be upgraded by Fitch rating agency since the beginning of 2020.
IBEC acted as a co-organizer of Rosagroleasing bond issue
IBEC acted as a co-organizer of Rosagroleasing bond issue
03.03.2021
International Bank for Economic Co-operation acted as a co-organizer of the bond issue of JSC Rosagroleasing, a Russian state-owned leasing company specializing in the development and modernization of the agro-industrial complex. The bonds are placed today, March 3rd, at the Moscow Exchange. The organizers of the placement were Russian Agricultural Bank, Sovcombank, FC Otkritie Bank, International Investment Bank.
IBEC summs up the financial results of 2020
IBEC summs up the financial results of 2020
24.02.2021
International Bank for Economic Co-operation has disclosed its 2020 financial results in accordance with the International Financial Reporting Standards and Ernst&Young auditor’s report.
IBEC develops cooperation with Bashkortostan
IBEC develops cooperation with Bashkortostan
08.02.2021
Denis Ivanov, Chairman of the Board of the International Bank for Economic Co-operation, took part in the opening ceremony of the Ufa International Airport new terminal and in the meeting dedicated to the development of air transportation in the Volga Federal District of the Russian Federation. As a result of the implementation of the project worth 3 billion rubles, the total area and capacity of the air terminal complex of domestic air lines has doubled, the engineering and logistics infrastructure has been updated.
IBEC supports the export of Russian wheat
IBEC supports the export of Russian wheat
26.01.2021
International Bank for Economic Co-operation takes part in the financing of Russian wheat export. IBEC has issued a reimbursement undertaking in the amount of EUR 7.2 million for a period of more than a year as security for a letter of credit from the Trade and Development Bank of Mongolia.
IBEC takes on the role of investor in the bonds of the Council of Europe Development Bank
IBEC takes on the role of investor in the bonds of the Council of Europe Development Bank
19.01.2021
International Bank for Economic Co-operation took part in the IPO of the 10-year bonds of the Council of  Europe Development Bank.
IBEC financed the development of Russian aviation
IBEC financed the development of Russian aviation
14.01.2021
International Bank for Economic Co-operation provided a long-term loan to the Russian State Transport Leasing Company (GTLK) in the amount of 480 million rubles. At the expense of the IBEC financial resources, three localized aircrafts of the Czech brand L-410 were purchased and subsequently transferred into operation. This light aircraft is manufactured at the Ural Civil Aviation Plant in Russia.
Start of partnership with PJSB Trustbank
Start of partnership with PJSB Trustbank
29.12.2020
International Bank for Economic Co-operation continues to expand its partner network in the Asian region. The first deal with PJSB Trustbank from Uzbekistan was completed — IBEC issued a reimbursement undertaking under a letter of credit issued by Trustbank in the amount of USD 1 million.
Capitron Bank – new IBEC partner in Mongolia
Capitron Bank – new IBEC partner in Mongolia
21.12.2020
International Bank for Economic Co-operation has completed the first trade finance deal with Mongolian Capitron Bank.
IBEC – growth for stability. Bank’s Council approved a new development strategy for 2021-2025
IBEC – growth for stability. Bank’s Council approved a new development strategy for 2021-2025
15.12.2020
The 135th Meeting of the Council of the International Bank for Economic Co-operation was held on December 8. For the first time in the Bank’s history, the meeting was held in a unique videoconference format on the basis of a specialized platform for the meetings of collegial bodies. The only way to conduct it in a pandemic allows us to say that the Council was held simultaneously in all capitals of the IBEC member countries. The new format of the Council, to some extent, contributed to a more lively and intense dialogue, making it possible to connect to the event for many of the extremely busy heads of delegations, who are the leaders of the financial institutions of the member countries, and allowed them not to be distracted by organizational issues. Moreover, the agenda contained both traditional issues of annual performance results and a number of key topics on the further development of the Bank.
Denis Ivanov, Chairman of the Board of the International Bank for Economic Co-operation, gave an interview to the
Denis Ivanov, Chairman of the Board of the International Bank for Economic Co-operation, gave an interview to the "Eurasian Financial and Economic Herald"
12.12.2020
Denis Ivanov, Chairman of the Board of the International Bank for Economic Co-operation, gave an interview to the «Eurasian Financial and Economic Herald», in which he highlighted the peculiarities of IBEC’s activities during the pandemic and gave his assessment of the current trends in the world economy.
IBEC participates in a new green bonds issuance
IBEC participates in a new green bonds issuance
10.12.2020
International Bank for Economic Co-operation acted as a co-underwriter for the issue of green bonds of the Russian Center-Invest Bank. The securities were placed in the sustainable development sector of the Moscow Exchange in the amount of RUB 300 million. The issue meets the highest requirements for this type of instrument, formulated in the International Capital Markets Association (ICMA) - Green Bond Principles. The Issuer guarantees that the funds raised will be used to finance energy efficient projects in industry, agribusiness, housing, communal services and other sectors.
Trade finance deal with Trade and Development Bank of Mongolia
Trade finance deal with Trade and Development Bank of Mongolia
09.12.2020
International Bank for Economic Co-operation has implemented the first documentary trade finance transaction (irrevocable reimbursement obligation issuance) with the Trade and Development Bank of Mongolia (TDBM). The reimbursement obligation was issued in favor of one of the leading European banks within the framework of the implementation of a foreign trade contract for the supply of specialized construction and loading equipment to Mongolia — mobile cranes.
A unique scientific complex is launched with the support from IBEC
A unique scientific complex is launched with the support from IBEC
07.12.2020
The Joint Institute for Nuclear Research in Dubna has commissioned the first stage of the NICA complex. This is a superconducting accelerator that has no analogues in the world, which allows one to obtain a unique state of matter — quark-gluon plasma.
IBEC Chairman takes part in the Forum of Euro-Asian Cooperation
IBEC Chairman takes part in the Forum of Euro-Asian Cooperation
01.12.2020
The Financial and Business Association of Euro-Asian Cooperation held the 7th annual forum "Greater Eurasia in Search of New Forms and Directions of Cooperation".The event was held with the support of the Russian Union of Industrialists and Entrepreneurs and the Eurasian Economic Commission. Taking into account the epidemiological situation, the forum was held in the videoconference mode, which, however, had its advantages – the participants could quickly "move" between the three industry panel discussions, without missing interesting topics and speakers.
The CCI of Russia and the Bulgarian Chamber of Commerce demonstrated the investment potential of Bulgaria
The CCI of Russia and the Bulgarian Chamber of Commerce demonstrated the investment potential of Bulgaria
01.12.2020
On November 18, the presentation of the investment potential of Bulgaria, organized by the CCI of Russia and the Bulgarian CCI took place online.
The VII Moscow International Financial and Economic Forum was held on 27 November, 2020
The VII Moscow International Financial and Economic Forum was held on 27 November, 2020
01.12.2020
The Financial and Business Association of Euro-Asian Cooperation held the 7th annual forum «Greater Eurasia in Search of New Forms and Directions of Cooperation».The event was held with the support of the Russian Union of Industrialists and Entrepreneurs and the Eurasian Economic Commission.
Support for Russian metallurgical exports
Support for Russian metallurgical exports
30.11.2020
International Bank for Economic Cooperation continues its policy of supporting the export potential of the participating countries. The Bank completed transactions to ensure the supply of Russian metallurgical products to Uzbekistan – steel pipes produced by the Chelyabinsk Pipe Plant.
IBEC opened a portfolio of forfaiting transactions
IBEC opened a portfolio of forfaiting transactions
27.11.2020
International Bank for Economic Co-operation is expanding its range of trade finance instruments. The first forfaiting deal is implemented — IBEC bought out the obligations of the Vietnamese SHB Bank in the secondary market from an international financial institution. The transaction amount is USD 2.5 million, for a period of 4 months.
IBEC takes part in the presentation of the Bulgaria investment potential
IBEC takes part in the presentation of the Bulgaria investment potential
20.11.2020
On November 18, the Russian and Bulgarian chambers of commerce and industry held a conference dedicated to the investment prospects of the Bulgarian economy, opportunities for cooperation between Russian and Bulgarian business circles.
Syndicated loan for the Uzbek Xalq Bank
Syndicated loan for the Uzbek Xalq Bank
19.11.2020
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.
ACRA confirms the highest rating of IBEC on the national scale
ACRA confirms the highest rating of IBEC on the national scale
10.11.2020
The Analytical Credit Rating Agency (ACRA) has affirmed to the International Bank for Economic Co-operation its credit rating A- under the international scale and AAA (RU) under the national scale for the Russian Federation. The outlook for the affirmed ratings is Stable.
IBEC - new strategy and sustainable development
IBEC - new strategy and sustainable development
22.10.2020
On the 57th Bank’s anniversary, Chairman of the Board Denis Ivanov speaks about the results achieved and plans for the next 5 years
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