The Council of the International Bank for Economic Co-Operation approved the new Strategy of Business Resumption and Development of the Bank from 2016 to 2020 on 9 December 2015.
The IBEC’s mission is to promote economic cooperation and development of the economies of the Bank’s member countries, and extension of cooperation of IBEC’s member countries with the other countries.
According to the development benchmarks accepted by the IBEC’s Council, the IBEC’s strategic objectives are the following:
- to promote strengthening and development of foreign economic and trade links between enterprises and organizations of Bank’s member countries, and between them and enterprises and organizations of other countries;
- to promote establishment and development of small and medium enterprises from Bank’s member countries, organizations and enterprises from Bank’s member countries involved in joint projects, and joint ventures from IBEC’s member countries.
The IBEC’s business priorities in implementation of Bank’s strategic objectives are trade financing, settlement transactions and credit activity.
In trade financing, the Bank acts both as an arranger and as a party of the foreign trade financing deals, and also attracts partners from IBEC’s member countries and other countries, including export credit agencies and other specialized organizations.
In settlement transactions, the Bank is focused on arrangement of settlements in national currencies and clearing settlements between economic entities of Bank’s member countries.
The credit activity is primarily targeted on the financial support of small and medium enterprises, including innovative start-ups and spin-offs, joint ventures of Bank’s member countries and joint projects of economic entities of IBEC’s member countries.
In development of its business, the IBEC also is focused, inter alia, on:
- the extension of the Bank’s geographic scope of activities into the Eastern part of the Asian region, where the Bank sees its linking role in disclosure of opportunities of economic entities of the IBEC’s member countries in combination with the requirements of their Asian partners.
- involvement in the renewable “green” energy projects and relations with the clients operating in this field.