IBEC opens Uzbekistan
International Bank for Economic Co-operation performed as one of the leading organizers of a syndicated loan for the Uzbek bank Asaka. Credit resources in the amount of 100 million euro were provided for a year and a half to finance foreign trade contracts of IBEC member states. IBEC acts as an organizer of syndication in partnership with Alfabank and AK Bars Bank and provides 12 million euro.
Asaka is one of the leading banks in Uzbekistan and, having a wide branch network, serves more than 50 thousand corporate clients from all the key sectors of the national economy. The projects for which financing is attracted include import of Russian high-tech equipment for the metallurgical industry, and the supply of engineering products.
This deal complies with several strategic priorities of IBEC at once: stimulating the export of member states to other countries, promoting expansion to new markets, medium-term financing, multiplier effect due to syndicated loans, supporting non-resource exports.
Thus, syndicated financing is surely becoming another active and significant direction of the Bank’s activity. This is the second syndicated transaction in 2020. In February, IBEC took part in a syndicate in favor of XacBank. Since the beginning of 2019, the total volume of participation in syndicated (club) financing (both in favor of financial institutions and corporate clients), including transactions in the national currencies of member states, reached 127 million euro in equivalent.
Growing Uzbek market holding good potential is one of the key markets in the Central Asian region promising business opportunities for companies from the Bank’s member states. Partnership with one of the key financial institutions in the region will allow IBEC to actively promote the interests of its member states in a new direction.