IBEC continues to actively develop international business

International Bank for Economic Co-operation conducted another trade finance operation in the total amount of USD 0,6 million and all-in tenor of 1 year under the Master Financing Agreement between IBEC and GOLOMT BANK OF MONGOLIA.

The financing is aimed at supporting aircraft industry of Mongolia by financing costs for aircraft rental of one of Mongolian carriers.

Thus IBEC continues active development of international business and cooperation with its member countries and in line with the Updated Strategy takes proactive actions aiming to enlarge and diversify its trade finance portfolio.

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. The Bank, with 700,000 clients, 100 branches and serving points, is the largest urban-retail bank, serving majority of the urban working population in Mongolia and the market leader in credit cards. Moreover, 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.