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IBEC enhances support for exports of the Bank’s member states

International Bank for Economic Co-operation has provided JSC TENEX with the first tranche of EUR 30 mln for a period of 2 years, as part of the established loan facility. Support for exports of the Bank’s member states is among the Bank’s priority goals according to the IBEC Updated Strategy approved by the Bank’s Council. Loan proceeds will be used to finance the costs of the Russian exporter associated with the peaceful uranium enrichment for its further export to foreign markets.

JSC TENEX is one of the world’s largest exporters of uranium products produced by Russian nuclear fuel cycle enterprises for peaceful purposes. The sole shareholder of the company is JSC Atomenergoprom holding company, which is a subsidiary of Rosatom State Corporation.

In accordance with the new vector of development, the IBEC is aimed at establishing partnerships with key corporations in the markets of the member states. Therefore, the Bank considers the provision of financing to JSC TENEX as a first breakthrough step towards the development of cooperation with Rosatom State Corporation.

The Bank plans to expand cooperation with the State Corporation in future by financing projects of the companies of Rosatom Group in the markets of other IBEC member states.