CIS: IBEC is expanding the geography of support for foreign economic relations of its member states
On April 02, 2019 International Bank for Economic Co-operation for the first time in its new history closed a trade finance deal between Mongolia and Kazakhstan.
Based on Master Financing Agreement between IBEC and GOLOMT BANK (Mongolia), IBEC provided target trade related loan for the total amount of USD 0.5 million and all-in tenor of 6 months.
Targeted trade financing is aimed at supporting import of electronic products from Kazakhstan to Mongolia.
This trade finance deal became a next step for geographical diversification of business in CIS region. IBEC plans to strengthen further cooperation with CIS financial institutions.
Golomt Bank - founded in 1995, is one of the systemically important and leading private banks in Mongolia. Golomt Bank operates with a well-balanced presence in all three market segments: Corporate, SME, and Retail. Golomt Bank serves nearly 80% of the corporate market and leading the local SME development initiatives. Recently, the Bank has become an active member of United Nations Environmental Program – Financial Institution group (UNEP FI) to advocate more environmentally and sustainably conscious strategies into daily operations and strategies.