The International Bank for Economic Co-operation (IBEC) is a multilateral financial institution focused on facilitating the economic development of the Bank’s member states, foreign economic relations between business entities of the member states, and on expanding their foreign trade relations with counterparties from third countries.
IBEC 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. The Bank operates based on the intergovernmental Agreement on the Establishment and Activities of the IBEC registered with the United Nations Secretariat.
IBEC is not subject to sanctions: the restrictive measures established by EU Council Regulation No. 833/2014 dated July 31, 2014 do not apply to the financial operation of the Bank.
The main areas of activities include trade finance operations and target financing to support export and import operations of the Bank's member states, including operations with third countries, and domestic trade operations.
The peculiarity of IBEC distinguishing it from other multilateral development institutions is the ability to perform the settlement function, to open and maintain customer accounts both in basic global currencies and in the currencies of its member states.
Geographically unique membership contributes to the development of cross-border trade relations between European and Asian countries, as well as regional risk diversification.
Pursuant to the IBEC Council resolution, the Bank’s balance sheet is maintained in euros. The authorized capital of IBEC is EUR 400 mln, including the paid-in portion of EUR 200 mln.