IBEC shares expert views on trade financing at 13th annual international conference on Eurasian economic integration
The delegation of the International Bank for Economic Co-operation (IBEC) participated in an international conference hosted by the Eurasian Development Bank (EDB) and held on 22 November 2018 in Moscow.
Themed as Eurasian economic integration, the conference featured a plenary session, a special session of the Assembly of the Peoples of Eurasia and a number of panel sections. The event was attended by senior officials of the Eurasian Economic Commission, ministries and government agencies, international and national development institutions, representatives of the academic and business communities from IBEC member countries, foreign researchers and experts.
The plenary session “Eurasian integration agenda: challenges and prospects” was opened by EDB Chairman Andrey Beliyaninov who delivered a keynote address. The agenda included de-dollarisation and strengthening the role of national currencies within the EAEU. Accounts Chamber Chairman Alexei Kudrin, Deputy Finance Minister Sergey Storchak and other speakers shared views on integration processes and the role of development institutions.
IBEC Chairman Denis Ivanov spoke at the panel section “Trade finance: how export agencies support integration” as its participants discussed topical issues related to facilitating international trade by development institutions as well as supporting exports through tools that are available to national government agencies as well as mechanisms for their cooperation with development banks. EXIAR CEO Nikita Gusakov highlighted the prospects of developing factoring services to support exports.
Denis Ivanov emphasised the changing role of international development institutions and the growing need for covering risks in trade finance operations. He noted that the complementarity principle should be exercised in cooperation between export credit agencies and development banks in order to create an environment for efficient export promotion.
Denis Ivanov pointed out that the IBEC is also a settlement service provider, a unique function for a development bank. Effectively, the IBEC can act as a settlement bank for its clients and make international payments in foreign currencies, including those of member countries. This capability will enable the Bank to implement blockchain technology across operations in the future.
“The issue with the blockchain is complicated regulations, while international development banks, free from the regulatory requirements of specific countries, could provide a perfect environment for implementing this technology,” Denis Ivanov said.
In conclusion, the IBEC Chairman drew the attention of participants to the need for growing the export potential by offering up-to-date banking products and advanced technologies, developing new efficient financing instruments and cooperation mechanisms.