At the beginning of 2019 Expobank and IBEC signed an agreement on cooperation in financing foreign trade transactions. The first transaction where the International Bank for Economic Co-operation issued to Expobank LLC a tied 1 year credit of EUR 4.9 mln was implemented to finance the expenses of a Russian exporter.
The funds were allocated to support export of materials for metallurgical industry from Russia to the Republic of Belarus.
The development of its clients’ international business across the whole area of its geographical footprint is one of Expobank’s major priorities.
Expobank plans to further extend cooperation with IBEC, and also with Korea Trade-Investment Promotion Agency (KOTRA) to establish business connections and grow the foreign trade volumes.
The International Bank for Economic Co-operation (IBEC), a multilateral development institution, was established in 1963 under the international treaty registered with the United Nations Secretariat. Its headquarters are based in Moscow. The Bank's member countries are: the Republic of Bulgaria, the Socialist Republic of Vietnam, Mongolia, the Republic of Poland, the Russian Federation, Romania, the Slovak Republic and the Czech Republic. IBEC’s major activities are aimed at ensuring an efficient financial support to foreign trade among the Bank’s member countries and among the small and medium enterprises that create added value and strive to enter new markets; and also at promoting integration into global value chains, improving production, energy and resource efficiency in the manufacturing and service spheres, and increasing competitiveness in accordance with the social and economic development priorities of the Bank’s member countries. Fitch Ratings has assigned to IBEC a Long-Term IDR at BBB- and a Short-Term IDR at ‘F3’, Outlook Stable.