The Council of the International Bank for Economic Co-Operation approved the new Updated Strategy of the International Bank for Economic Co-Operation for the period until 2020 on 6 December 2018.
- lending financial support to foreign trade operations conducted by companies residing in the Bank’s member states, as well as supporting small and medium enterprises in member countries, which create added value and aspire to enter new markets;
- facilitating integration into global value chains, increased use of technology, improved energy and resource efficiency of production and services, and boosting competitiveness in accordance with priorities of social and economic development of the Bank’s member states.
Foreign Trade as the IBEC’s Key Line of Business
The IBEC defines its role in line with the Concept for Development as a service centre for the member states’ foreign trade.
Given broad foreign trade activity with significant volumes among its member countries, the IBEC has multiple opportunities for further development. Companies from member states carry out, on a regular basis, export and import operations that the IBEC is set to finance. Moreover, the IBEC will be a “domestic” bank for both exporters and importers, which will drastically reduce their expenses and mitigate risks to foreign trade operations.
The IBEC’s Business Profile
- trade finance operations;
- target financing to support export and import operations of the Bank’s member states, including operations with third countries, and domestic trade operations;
- settlement services;
- client operations on financial markets.
The IBEC’s Partners
- non-financial institutions in IBEC member states that facilitate business development: intergovernmental commissions, national and multilateral chambers of commerce and industry, export and investment agencies;
- international institutions, development banks and export credit agencies;
- commercial banks.