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IBEC supports Mongolian imports

International Bank for Economic Co-operation continues to finance foreign trade operations of Golomt Bank (Mongolia) customers.

The next tranches in amount about USD 3 million have been provided for a period of up to 12 months. The funds will be used to supply radio electronics, household goods and food products from Russia, Kazakhstan and South Korea to Mongolia.

Trade finance is one of the key priority activities of the updated IBEC business model. Such operations combine both development of trade between the member-countries of the Bank and geographical expansion of IBEC's business interests in the Asian direction. The transaction was carried out as part of the current Master Financing Agreement between IBEC and Golomt Bank.

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.